Your retirement income
With your locked-in account...
You can use your locked-in funds either directly or following a transfer to a locked-in retirement account (LIRA):
- purchase a life annuity
- transfer sums to a life income fund (LIF)
- purchase a life annuity with a portion of the sums and transfer the remainder to an LIF
With your not locked-in account...
You can, directly or following a transfer of this account to a registered retirement savings plan (RRSP), transfer the sums to a registered retirement income plan (RRIF) or purchase an annuity. You can also make a cash withdrawal of all or some of the funds credited to your not locked-in account.
Evaluating your retirement income
Your retirement income will depend, among other factors, on:
- the contributions made to your accounts
- the investment income earned on the funds in your accounts
- interest rates when you retire
Other useful links