Sentences with phrase «locked in retirement account»

A lot of people will come into my office and they've changed jobs and they've got a locked in retirement account, a LIRA, that's from a previous employer, it's been there for years, that's protected.

What would you recommend putting into a locked in retirement account?

When I left my previous job, I underwent the painful, but necessary procedure of transferring my pension (yes, I was one of those people) into a registered RRSP and locked in retirement account (LIRA).

Not exact matches

If you find yourself in a financial emergency with your money locked away in retirement accounts, it can be painful having to pay a 10 % early withdrawal penalty just to get access to your own money.

If they take the lump sum, it will be put into a locked - in retirement account.

With a locked - in retirement account (LIRA) from Manulife, any growth in your pension plan money continues to be tax - deferred after you leave a company.

A LIF account is a form of RRIF to which you may transfer your locked - in retirement funds from a locked - in RRSP (LIRA) or a registered pension plan, if permitted by the pension legislation governing the locked - in funds.

If you take a lump - sum, Bill, it can typically be transferred to a locked - in retirement account (LIRA), which is just like a regular RRSP with a few restrictions.

She has received a pay out on the defined - contribution pension plan Sears started in 2008, but is still waiting for payout of the defined benefit plan it replaced — both have to be reinvested in locked - in accounts until retirement.

A: When you leave an employer and decide to transfer your pension into a locked - in retirement account (LIRA), you're taking a risk.

That lump sum will then be moved to a Locked - In Retirement Account (LIRA) or Locked - In RRSP, where you'll control how it is invested, though you can't withdraw the money until retirement.

LIF contracts entered into after May 8, 2008 include the option of permitting funds in the LIF to be transferred into a new type of locked - in retirement account — a Restricted Life Income Fund (RLIF).

Let's say you want to start a business but you locked all of your money in a retirement account.

There will be two options for pensioners, including a lump - sum commuted value payment to be transferred to a locked - in retirement account (LIRA) or life income fund (LIF).

A LIRA or Locked - In Retirement Account is an RRSP with restrictions on the use of the funds to ensure it is used for lifetime retirement income.

Note this only applies to RRSPs and related retirement accounts (such as locked - in RRSPs and RRIFs).

Investments under Tire 1 account have a lock - in period till your retirement.

You always wanted to learn how to protect your retirement account or portfolio and lock in current gains

You'll have to take it out and deposit it into a LIRA, a locked - in retirement account that you won't be able to tap into until age 55.

The other key point is that Canada has tax treaties with the US and many other countries that have agreed to waive withholding taxes on stocks held in registered retirement accounts, including RRSPs, RRIFs and Locked - In Retirement Accounts (LIRAsin registered retirement accounts, including RRSPs, RRIFs and Locked - In Retirement Accounts (LIRAsIn Retirement Accounts (LIRAs).

And that's why we put the tax refund into savings accounts instead of locked up in a retirement account — the tax refund is earmarked to pay off the credit card balance right before the 15 month promo period ends.

If your DC pension account is from a former employer, you can transfer it into a locked - in RRSP (often called a LIRA or locked - in retirement account) right now, Daniel.

Locked - in retirement accounts or LIRAs are not like regular RRSPs.

If an RRSP is not a locked - in RRSP or locked - in retirement account (LIRA) from a pension plan — in other words, it's a personal RRSP you've contributed to over the years — you can cash the whole amount in at any time.

Designing and advising on the administration of «locked - in» investment vehicles, such as life income funds (LIFs) and locked - in retirement accounts (LIRAs).