LIRAS & Pension Transfers by Craven Financial
Discover how a Locked-In Retirement Account (LIRA) and pension transfers in Canada can help preserve your retirement savings.
Grow Your Savings
With tax-deferred growth on your transferred pension funds, a Locked-In Retirement Account (LIRA) is a powerful tool for ensuring long-term financial security. LIRAs preserve pension savings until retirement, allowing them to grow through investment options like mutual funds, ETFs, and more. Whether you’re transitioning from an employer pension plan or consolidating your retirement assets, LIRAs offer flexibility while ensuring that your retirement savings remain protected.
Common Questions and Answers:
- What investments can I hold in a LIRA?
You can invest in stocks, bonds, mutual funds, ETFs, and GICs within your LIRA. - How can a LIRA help me grow my pension savings?
With tax-deferred growth, your investments can grow without being taxed until you begin withdrawals during retirement. - What strategies maximize LIRA growth?
Diversifying investments and regularly monitoring your portfolio can enhance your returns and secure your retirement future.
Ready to make the most of your pension transfer? Contact Financial Planner William (Bill) Craven today for personalized LIRA and pension transfer strategies.
Ready to transfer your pension into a LIRA and preserve your retirement savings?
Whether you’re just getting started or looking to enhance your current investments, Financial Planner William (Bill) Craven will guide you in making smart decisions that align with your financial goals.
Get started today
A Locked-In Retirement Account (LIRA) is a powerful tool that allows you to preserve your pension savings by transferring them into a tax-deferred account.
Frequently Asked Questions about LIRAs and Pension Transfers
A Locked-In Retirement Account (LIRA) is a tax-deferred account designed to hold pension funds transferred from a registered pension plan until retirement.
When you leave a job or retire, you can transfer your pension savings into a LIRA to preserve the funds for future retirement income.
LIRAs allow a wide range of investments, including mutual funds, stocks, bonds, ETFs, and GICs.
You can start withdrawing from a LIRA typically between the ages of 55 and 71 by converting it into a LIF (Life Income Fund) or an annuity.
Yes, all withdrawals from a LIRA are taxed as income in the year you withdraw.
A LIRA holds pension funds and is "locked in" until retirement, while an RRSP allows more flexibility with contributions and withdrawals.
No, you cannot make additional contributions to a LIRA after the initial pension transfer. It only holds the transferred pension funds.
