Unlike in a registered pension plan, the Common Good Plan offers flexibility regarding when you can start receiving retirement income because it is composed of a RRSP/TFSA/RRIF. For example, you can start payments even as you are working part-time later in your career.
Your RRSPs must be converted to a RRIF no later than the end of the year you turn 71, at which time minimum payments must be made. You can elect to convert to a RRIF earlier than age 71 to meet your retirement needs. Your TFSA is flexible, and you can start receiving retirement income at an age that accommodates your needs.
The plan will provide you with planning tools to assist you with developing a retirement plan – converting savings to income in retirement and integrating various income sources, such as government benefits.