Q – Is it always better to use the younger spouse’s age for a RRIF? My wife turns 71 this year, but I’m turning 67. I’ve been told varying things. – A.M.

A – Using the age of the younger spouse means the minimum withdrawals are less, which extends the life of the RRIF. The reduced income will also lower her tax bill and allow the RRIF savings more time for tax-sheltered compounding. If you don’t need the extra money, I would certainly choose that option. It offers more flexibility, reduced tax liability, and she can always withdraw more than the minimum if needed. – G.P.