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Click the "Stop protection" button at the bottom of the pane. If the form was locked when it was created, a pop-up box will open asking for the password. Type in the password and click "OK." The form is now unlocked and can be edited. 1) On the Review tab, click Restrict Formatting and Editing.
You can unlock up to 50% of your LIRA when you start a Life Income Fund (LIF) and begin regular annual withdrawals. A LIF for a LIRA is like a RRIF (Registered Retirement Income Fund) for an RRSP. Typically, you open one in retirement or by age 71 at the latest and begin government-mandated annual minimum withdrawals.
Hi Terry, You cannot withdraw funds from a LIRA until after age 55. If you are past that age, you can withdraw by converting the account to a LRIF (Locked in Retirement Income fund).
Generally speaking the only way to get money out of your locked in accounts is to retire. In most cases, the earliest age you can access pension money is age 55 (Some situations allow for access to funds before the age of 55 see below).
The owner of a New LIF has a time-limited option to withdraw in cash or transfer to an RRSP or RRIF a percentage of any money that is transferred into the New LIF. For transfers from a LIRA or RPP, the owner can withdraw or transfer an amount up to the prescribed percentage after every transfer.
In order to take continuous withdrawals in retirement, a LIRA can be converted into a Life Income Fund (LIF), a Locked-In Retirement Income Fund (LRIF), or a Prescribed Retirement Income Fund (PRIF). The type of account depends on your province or territory of residence.
Upon your death, the balance of your LIRA is no longer locked. It is paid to your spouse or, if they renounce it or in their absence, to your heirs. If it is paid to your spouse, they may transfer it to their own RRSP or RRIF tax-free.
Once you turn 71, your federally regulated locked-in RRSP must be transferred into a LIF or a restricted life income fund (RLIF). You can gradually unlock your LIF by withdrawing the maximum allowed, receiving the minimum amount in cash, and transferring the difference into a regular RRSP or RRIF for future withdrawal.
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