NEED MONEY? CASH OUT YOUR LIRA BEFORE RETIREMENT
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- เผยแพร่เมื่อ 4 พ.ย. 2024
- Exploring 5 ways to access your money before 65 - How to get money out of a LIRA.
LIRA stands for Locked-In Retirement Account, commonly used when transferring a pension from a previous employer. Normally you are unable to access a Locked-In Retirement Account ( LIRA ) prior to age 65. However, today we will explore 5 ways to get money out of a LIRA before before retirement.
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Please keep in mind that these unlocking rules vary depending on the Provincial and Federal regulations specific to your pension. As an example, Saskatchewan allows 100% unlocking whereas Quebec only allows unlocking at age 65 and only if your account balance is 40% or less of YMPE. If you’re not sure which one applies to you, contact your bank where your locked-in account is held or your previous employer.
Here are some link to the Federal and Provincial Pension regulations so you can see which options apply to you:
FEDERAL: www.osfi-bsif....
BRITISH COLUMBIA: www.bcfsa.ca/i...
ALBERTA: www.alberta.ca...
SASKATCHEWAN: fcaa.gov.sk.ca...
MANITOBA: www.gov.mb.ca/...
ONTARIO: www.fsco.gov.on...
QUEBEC: www.rrq.gouv.q...
NOVA SCOTIA: www.novascotia...
Weekly blog, resources & tools: theindependent...
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Options to unlock your pension can vary depending on the Provincial/Federal regulations specific to your pension. Check out the links in the description to find out which ones apply to you.
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Question on setting up a LIRA/LIF. If I pass, I understand it goes to my spouse. If spouse then passes, can their beneficiaries (children) then take it as a LUMP SUM? Or, do children have to wait until they retire to access it then?
Hi, I find your channel really knowledgeable. I currently have a Group Contribution plan of 50k. I dont have savings and have a 20k credit card debt. Im 27 yrs old. Is there any way I can access funds to pay my debt?
It depends on the type of account, some require that the money vest before you can access it. Any money you take out will be taxable though, I would suggest you watch our video about this that shows you some of the risks to using retirement accounts to pay down debt: th-cam.com/video/jsP6oRie8eA/w-d-xo.html
If i pass away and spouse passes a few yrs later, will the LIF be unlocked and be passed ro my children to use remaining balance as they please?
Is it possible to transfer balance from LIF to TFSA?
Hey i am over 65 and i receive QPP of about 1200$ how can I withdraw most of the funds , as i need to renovate my house
Hey plz let me know how can I use locked in rrsp for home buy
39,133 is that net or gross?