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A Registered Retirement Savings Plan (RRSP) is usually used to save for retirement. A Registered Retirement Income Fund (RRIF) is used to withdraw money from as retirement income. If you open a RRIF account the year you turn 71, you do not need to make a withdrawal in the first year. If the RRIF account was opened prior to the year you turned 71, you must take out the minimum in that calendar year (between January 1 and December 31).