In this episode of Smart Wealth, Brett Cranson and Omari Whyte discuss the intricacies of Locked-In Retirement Accounts (LIRAs) and their importance in retirement planning. They explore how LIRAs function, the options available for managing these accounts, and strategies for maximizing retirement income. The conversation emphasizes the flexibility and control that individuals can have over their retirement funds, as well as the importance of being financially literate in navigating these financial tools.

Takeaways

• A Locked-In Retirement Account (LIRA) is essential for managing pensions from previous employers.
• You cannot contribute to a LIRA, but it can still grow through investments.
• LIRAs can provide lifetime income credits similar to pensions.
• Many individuals are unaware of dormant LIRAs from past employment.
• You can unlock 50% of a LIRA upon transfer, which can be strategically managed.
• Transferring a pension to a LIRA allows for more investment control.
• LIRAs have minimum and maximum withdrawal limits, providing structured income.
• Flexibility in retirement planning can be achieved through strategic management of LIRAs.
• Understanding the rules around LIRAs can help optimize retirement income.
• Financial literacy is crucial for effective wealth management.

LinkedIn Brett Cranson: linkedin.com/in/brettcranson

LinkedIn Omari Whyte: linkedin.com/in/omari-whyte

For business inquiries, please head over to

https://www.uptownwealthmanagement.com
https://www.familyfirstadvisors.ca

email:

brett.cranson@ipcsecurities.com

omari.whyte@familyfirstadvisors.ca

Brett Cranson & Omari Whyte have been helping Canadians with their Financial, Retirement and Estate Planning since 2003. Our office is based in Toronto, ON, Canada - but help Canadians Coast to Coast.