Convert lira to rrif

convert lira to rrif

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Learning About LIRAs
The minimum LIF payment calculation is identical to the minimum RRIF calculation. In the same way that an RRSP turns into a Registered Retirement Income Fund (RRIF) at the end of the year you turn 71, a LIRA can be converted. To obtain an income, you must transfer the amounts in your LIRA to an LIF or use the amounts to purchase a life annuity from an insurer.
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They usually originate from an employer pension, to which you once contributed in a former job. Your Financial Planner will help you develop an investment strategy to best meet your financial fitness goals. Can you access the money in your LIRA before you retire?