What is the best thing to do with a LIRA?

A life annuity is one such vehicle that offers a guaranteed income stream for the duration of the retiree's life. It provides a sense of security and stability, knowing that a fixed amount will be available each month, regardless of market fluctuations.

As individuals approach retirement, converting their savings into a steady stream of income becomes crucial. One of the options available is to transform their Locked-In Retirement Account (LIRA) into a financial instrument that provides a lifelong income.

Another option is the Life Income Fund (LIF), which allows for more flexibility in managing one's retirement savings. With a LIF, retirees can withdraw funds as needed, while still ensuring that their savings last throughout their lifetime.

It's important to note that various retirement income plans may be available depending on individual circumstances and preferences. It's advisable to consult with a financial advisor to understand the options and choose the one that best aligns with one's retirement goals.

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