Life Income Funds combine the features of a Life Annuity and a RRIF. They are available to those with locked-in funds in RRSPs
or Registered Pension Plans, who are seeking a choice of investments and income level.
As with a RRIF, you can make adjustments to the amount of income received – subject to annual minimum payments, the income frequency and
you control the type of investment. A LIF provides for a maximum annual income to age 80. At this time, the remaining savings must be used to
purchase a life annuity. This restriction ensures a pension income for life.
The main difference between a LIF and a RRIF is that a LIF restricts the maximum amount a person can withdraw in a year, in addition to the
minimum payment requirement.
Talk to an investment professional to see if a LIF is the right choice for you.
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| Credential® Financial Strategies
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Jo-Ann Spicer CFP FMA EPC
519-742-9998
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Debbie Kinlin-Hynes EPC
519-742-9998
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