Income from your LIF: age matters 

You can begin withdrawing a life income from your LIF at any age. However, for a temporary income, some conditions apply.

Remember that the earlier you begin withdrawing an income, the sooner you will use up your savings!

If you are under age 54

You have 2 options: life income and temporary income.

You can withdraw a life income at any time.

You can also draw a temporary income each year if your LIF offers that option. To be entitled to a temporary income, you must meet the following conditions:

• be under age 54 on 31 December of the year preceding your application
• have only one LIF
• the other income that you expect to receive over the 12 months following your application for a temporary income must not exceed 40% of the maximum pensionable earnings (MPE), that is, 20 040 $, if you make the application in 2012

Your application for a temporary income is valid only for the year in which it is made.

If you are between age 54 and 65

You have 2 options: life income and temporary income.

You can withdraw a life income at any time.

You can also draw a temporary income each year if your LIF offers that option, regardless of your employment income. To be entitled to a temporary income, you must be at least 54 years of age and less than 65 years of age on 31 December of the year preceding your application.

Your application for temporary income is valid only for the year in which it is made.

If you are age 65 or over

You have only one option: a life income.

You can withdraw a life income from your LIF, but you can no longer obtain a temporary income if you are age 65 over as of 31 December of the year preceding your application. At age 65, you can generally begin receiving income from public plans (Québec Pension Plan and Old Age Security pension).