LIF – Life Income Fund
An LIF acts as an extension of a locked-in retirement account (LIRA) once you retire. With an LIF, you may periodically withdraw from the accumulated savings in your pension fund to maintain a comfortable standard of living. The LIF is almost identical to a Registered Retirement Income Fund (RRIF) except for the source of funds as well as the payment of a maximum annual income.
Characteristics and advantages of an LIF
- You will not be taxed on your investment income, however you will be taxed on your withdrawal amounts.
- You may periodically withdraw the funds you need within fixed minimum and maximum annual amount limits.
- You receive an income for as long as you live.
Why choose an LIF with us?
You can invest your LIF in our IAG Savings and Retirement Plan. This plan includes our FORLIFE Series, an interesting savings and income solution for people between the ages of 50 and 75 who are looking for stable and guaranteed income for life. Furthermore, the IAG Savings and Retirement Plan allows you to invest primarily in segregated funds, which provide protection against market fluctuations and guarantee that estate value is protected upon death.