What is the difference between lira and locked in rrsp

However, the transfer could be delayed if the investments have not yet reached maturity. The holder must make the transfer before the end of the year in which he or she reaches age 71, regardless of the maturity date of the investments.

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Summary: 1. You have some control over your income. While there is a variety of income payment options available, there is also a minimum income you're required to take out of the plan every year and a maximum you're allowed to take. You maximize the tax deferral. You can use money remaining in a LIF to purchase a secure guaranteed income in a life annuity. Depending on the pension rules in your province, you may be required to do this at a certain age.

You can name a beneficiary to receive your money after you die. If your LIF is locked-in under the rules of one of these provinces — Newfoundland and Labrador, Nova Scotia or Quebec — you may qualify for temporary income.

Get helpful advice Given the difference in regulations depending on where you live, guidance from an advisor can be a valuable part of your planning process. How much have you really saved for retirement? Start investing Make well-informed decisions with helpful advice.