May 28, 2019
Can I take money out of a LIRA?
We're answering the age-old question, can I take money out of my LIRA (Locked-In Retirement Account or my LIF (Life Income Fund)?
First off, what do these acronyms mean?
A LIRA is a Locked-in Retirement Account and a LIF is a Life Income Fund.
Think of a LIRA the same idea as a RRSP (Registered Retirement Savings Plan) but it has additional restrictions under the applicable pension legislation.
At the Tetrault Wealth Advisory Group, we have a dedicated Wealth & Estate Planning Specialist, who works with you to determine the best way to draw down your retirement funds and control the amount of taxes you pay.
We will work with you to navigate the world of LIRAs, LIFs and the various potential pension legislations they may fall under, and ensure we recommend the best strategies for your needs!