Financial Services: Life Income Fund (LIF) Investment with LMBF
LIFs are investment accounts for individuals who have left their jobs where they had a pension plan. Funds and assets can be transferred over to LIF or other retirement income fund accounts to be used as eventual payout in the form of retirement income, once the account holder has reached a certain age. In Canada and Quebec, life income funds can grow tax-deferred and the owner of the account has the option of choosing their own (qualifying) investments. LMBF’s advisors can help advise you on all things to do with life income fund, from investment solutions to tailored advice based on your geographical location as to the difference in regulations that may apply to your life income fund. Start with our expert advisors today.
The Benefits of LMBF’s LIF Investment Plans
Everyone is at a different stage of life, and there are many investment and financial plans to choose from when it comes to funding your retirement. LMBF gives you tailored advice on whether an LIF is the best option for you and your circumstances.
LIF investments can vary, and it is up to the account holder what investments they may choose to include - so long as those investments qualify. LMBF can give you advice on what investments to include in your locked-in retirement funds based on your needs.
- You want security for your retirement income
- You want to maximize the tax deferral
- You want to use any remaining LIF money to purchase a life annuity
- You want a beneficiary to receive your money after you die
- Controlled investments
- Maximized tax deferral
- Life income fund in Quebec may permit temporary income if your LIF is locked-in
- Variety of income payment options
What is an LIF investment?
An LIF investment is a retirement savings account where you transfer an entitled pension into a locked-in retirement account. It will then be invested based on your choices. You cannot withdraw from your LIF investment until a minimum age or when you start retirement, but your savings can grow tax-deferred and you have control over your investments. You also have some control if your income, with a variety of ways to receive income payments.
Our Life-Income Fund Advisors
Retirement planning can be overwhelming, and even scary for some. After all, there’s a lot to thing about. With all the different retirement income options to choose from, LMBF’s advisors want to help simplify your financial goals for you and lay it out so that you can understand. We assess how an LIF can fit in your plan, provide you investment advice, and offer additional options that reflect your individual risk profile and overall future goals.