Retirement Planning:
Life Income Funds (LIF)
Life Income Funds, like RRIF's, are tax-sheltered plans but are designed to pay-out your accumulated registered pension plan or locked-in registered retirement savings assets over a number of years.
With a LIF, you determine and control your investment options but payments are determined by a government formula.
The key difference between the LIF and RRIF is that you will be required to buy a life annuity with the assets remaining in the LIF in the year you reach age 80.
Contact a Brown Financial representative today, and arrange a meeting to discuss your retirement plan.
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