Financial Services: LRIF Accounts in Canada with LMBF
Retirement isn’t always straightforward. For many, there are financial obstacles, uncertainties, and the worry that our savings might not last the rest of our lifetime. An LRIF, similar to an LIF account, is a tax-sheltered account which is used to pay out an accumulated amount of your locked-in retirement savings and helps fund your retirement income. With an LRIF, there is a set minimum and maximum you are permitted to receive each year from your LRIF account, but you have the option of controlling the frequency of your payments and your investment options. LMBF’s advisors are here to help look over your financial situation and aid in your decision as to whether or not an LRIF account is right for you.
The Benefits of LMBF’s LRIF Services in Canada
The world of financial planning isn’t always straightforward, and LMBF understands that not everyone has the same circumstances, income, or risk profile. We get to know you in order to provide you with tailored advice based on your situation.
The worry that you might outlive your retirement savings isn’t an uncommon concern. With an LRIF, you have the flexibility to control your investment options. Let LMBF help provide you with its expert advice on your investment options.
- You want a steady stream of income following your retirement
- You want control over your investment and payment options
- You want your remaining funds transferred to a spouse in the event of your death
- Little volatility
- Flexible maximum withdrawals
- Peace of mind for your ongoing retirement income
- Control over investment and payment options after retirement
What is an LRIF?
An LRIF, otherwise known as a locked-in retirement income fund, is very similar to an LIF, with some key differences. Both are investment accounts meant to hold in pension funds and are used to fund an individual’s retirement. However, any remaining funds in an LIF should be converted to a life annuity at the age of 80. LRIF does not need to be converted. In addition, the maximum withdrawal amount calculation is different between an LIF and an LRIF. Both of these accounts are designed to last your entire lifetime following retirement.
Our LRIF Account Advisors
When you’re saving for retirement, you’re tackling a lot of unknowns. Retirement can be uncertain, and even scary if you aren’t sure whether your savings will last you. An LRIF account can give you the peace of mind you require and serves as an alternative retirement option to a conventional pension fund. LMBF’s advisors can look over your financial circumstances, risk profile, and goals to determine whether an LRIF is the best choice for you.