Financial Services: Locked-in Retirement Funds & Account Advice with LMBF
In Canada, a locked-in retirement account (or LIRA) is essentially a pension savings account, designed to hold funds until withdrawal upon retirement. There are few exceptions to the withdrawal rule, such as if you are suffering from high medical or disability costs, your life expectancy has been shortened drastically, you have been evicted from a rental, or if you are permanently leaving Canada. All locked-in retirement account plans are governed by provincial or federal pension legislation, so there may be different rules on how you can withdraw from your locked-in retirement funds in order to comply with regulations. LMBF is here to provide you the advice you need on how best to utilize a locked-in retirement account, and if a LIRA is the right investment choice for you.
The Benefits of LMBF’s Locked-in Retirement CRA Services
Your retirement needs may look very different than the next individual’s; your financial needs, future plans, and your current income may vary, which is why you need tailored advice from some of Canada’s top financial advisors. LMBF is here to help.
Depending on your retirement needs, LMBF’s financial advisors are here to provide you with investment solutions that will help you to easier meet your future financial goals. They may offer you advice on transferring funds between accounts or whether to purchase a life annuity, depending on your current stage of life.
- You want pension for life after retirement
- You want stability for a surviving spouse
- You want the flexibility to transfer to another retirement fund, if need be
- Holds transferred funds from existing pension plans
- Funds may be split between named beneficiaries
- Funds can be transferred to another retirement account
- Pension for life after retirement
What is a locked-in retirement account?
A locked-in retirement account (sometimes abbreviated to LIRA) is a type of registered savings account in Canada that does not allow any withdrawals prior to retirement, besides a few outstanding exceptions. Locked-in retirement accounts are designed to hold pension funds for individuals who were formerly plan members and spouses - exes, or surviving. Upon reaching retirement age, the plan beneficiary receives pension for life.
Our Locked-in Retirement Account Advisors
When it comes to retirement, there are many different choices. If you have left your job, you may create a locked-in retirement account to hold your pension funds until retirement. However, there are still many choices to be made with your locked-in retirement funds, like if you wish to transfer to a separate retirement savings account later in life, purchase a life annuity, and more. LMBF’s advisors are here to help give you options based on your living circumstances.