Life Income Fund (LIF)
If you have left a job, were terminated, or made redundant, your registered pension plan may be transferred to a locked-in RRSP. That income is not available for withdrawal until retirement age.
However, once a certain age is reached (with the age set by province), you can transfer those funds to a Life Income Fund (LIF), which bears many similarities to a Registered Retirement Income Fund.
What you need to know:
- LIFs have both minimum and maximum withdrawal limits.
- In some provinces, the LIF must be converted into a life annuity when the plan holder reaches age 80.
- Options available through Cal LeGrow include:
- Investment Funds
- Canada Savings Bonds
- And more, depending on your risk profile and financial goals
Cal LeGrow can help you decide where your investments are best directed, and help you secure a financially stable future. Call us today to talk to a member of our team.