Convert lira to rrif

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Learning About LIRAs
Each year, you can transfer a specific amount from your LIF to: a registered retirement savings plan (RRSP); or; a registered retirement income fund (RRIF). LIF or Annuity? When the time comes for you to convert your LIRA into retirement income, you have several options: a Life Income Fund (LIF), or a life annuity. 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.

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In some cases, it may be best to combine both retirement options; convert a portion of your LIRA into a LIF and use the balance to purchase an annuity. Talk to a Financial Planner today about this investment and develop an investment strategy to best meet your financial fitness goals. Read the full definition from the MoneySense Glossary: What is an annuity? Learn more. This is not affected by having a younger spouse: that only affects the annual minimum withdrawal calculus.