[quote=kevman;1402483]Now here’s where I'm looking for some advice and help... Can someone explain to me the pro's and con's of a LIF/LIRA. Maybe it's the way I was brought up but I have a hard time having money in an account that I don't have control over. Being young, ambitious and very entrepreneurially I don't plan on working until I'm 65 just to withdraw a limited income from a large sump of money that I've earned that the government won't let me touch.
The other problem is I want to save for a house and I won't be able to withdraw this money for that purchase. So yes retirement savings are important but to me so is owning my own property.[quote]
You don't state your age but if you think you're too young to be concerned with retirement savings, why are you concerned about LIF/LIRA rules. That's so far into the future, and the rules will likely change before then anyway. If you absolutely need to know now, I'd take the LIRA over the LIF. Don't worry about understanding the two types of plans, as you can bet they'll be different by the time you get there.
Take the money, without a doubt. Save for the house by other means.
|