If you left a company with a pension plan contribution before retirement, there is good chance are you had to move the pension money into a Locked-In Retirement Account (LIRA). That is the law as both the federal and provincial governments do notlet you to convert your pension into cash or a regular RRSP.
LIRA's do not have any provisions for lump sum withdrawals. There are no options available to you in order to create income. If you want income from your LIRA, you will have to either transfer to a Life Income Fund (LIF) or a Life Annuity. Normally this happens when your retire.
Basically the only way to get funds out of your locked-in accounts is to retire. Normally this happens after the age of 55
How can you get money out of a LIRA, Now?
This is one of the most common questions I get. So many people, especially in tough times are trying to use these funds. Up to now the answer was as above. Or you had to show extreme hardship to the government which was very difficult.
That is until NOW!
What if I could show you how to get a capital gain from their Locked-In Retirement Account (LIRA)? Not at age 55, not at retirement, but in 3 years? Would you be interested?
What if I told you, funds would come to you, in 3 years, as a capital gain, and NOT affect your principle amount? Meaning the full amount of funds would still be there at retirement. Like having your cake and eating it too!
It is possible!
Example:
Client has a $100,000 Locked-in RSP. In 36 months (or less) they can receive a Capital Gain payment of $12,000. The New Locked-In RSP (LIRA) balance after payout of the $12,000 in cash, is $124,000!!!! That is because I left out a great part! The returns within the 3 years are fixed at 8%. If the markets tank, the 8% remains So the 8% is fixed, the 12% is not guaranteed. But in 10 years it has never missed.
Let me show you!
ADDED BONUS!
The sad news is the markets are heading downwards. What if I told you the fixed rate of the LIRA would be 8%!!! No matter how far the stock markets go down!
We have discovered a method to get a lump sum payment (as a capital gain) for our clients by using their locked-in account. They do have to wait until they retire, or hit age 55. Nothing like that. In fact they get the lump sum in 3 years. This payment will not affect the principle of the locked-in account balance! This is unique, it works well and holds up under all laws. Yes it is perfectly legal.
Let me show you how. Nothing to lose everything to gain!
bhconrod@consultant.com
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