Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - Pensions! RRSP's, LIF's, LIRA's, Annuity's, etc.

Slava · 08-12-2008, 07:36 PM

Not much to say that hasn't been said here already...but as another financial advisor on the board here let me say for the record that you should be taking the money.

The difference between a LIRA and a LIF is that the LIF is a LIRA that you have begun withdrawing from. In Alberta this means that you are a minimum of 50 years of age, and there are both minimums and maximums for this. You really don't have a choice here between a LIRA and LIF unless you are over 50, or can qualify for financial hardship (going to be next to impossible given that you have a decent job by the sounds of things and no money in the LIRA to try to qualify for at this point...)

08-12-2008, 07:36 PM	#5
Slava Franchise Player Join Date: Dec 2006 Location: Calgary, Alberta Exp:	Not much to say that hasn't been said here already...but as another financial advisor on the board here let me say for the record that you should be taking the money. The difference between a LIRA and a LIF is that the LIF is a LIRA that you have begun withdrawing from. In Alberta this means that you are a minimum of 50 years of age, and there are both minimums and maximums for this. You really don't have a choice here between a LIRA and LIF unless you are over 50, or can qualify for financial hardship (going to be next to impossible given that you have a decent job by the sounds of things and no money in the LIRA to try to qualify for at this point...)