{"id":4079,"date":"2022-02-08T11:10:33","date_gmt":"2022-02-08T19:10:33","guid":{"rendered":"https:\/\/www.nerdwallet.com\/ca\/?page_id=4079"},"modified":"2024-09-11T11:51:18","modified_gmt":"2024-09-11T18:51:18","slug":"what-is-life-income-fund","status":"publish","type":"page","link":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund","title":{"rendered":"Life Income Fund (LIF): How It Works in Retirement"},"content":{"rendered":"\n<p class=\"\">Canada has more than a few government-regulated accounts and registered plans to help people <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/how-much-money-to-retire\">prepare for retirement<\/a>.\u00a0<\/p>\n\n\n\n<p class=\"\">Some, like registered retirement savings plans, or RRSPs, are generally a good match for many working Canadians. Others, like life income funds, or LIFs, are more specialized and designed for people in certain circumstances.<\/p>\n\n\n\n<p class=\"\">A LIF is a registered account for your locked-in employer pension funds. If you transfer funds from a pension into a locked-in retirement account, or LIRA, you will eventually need an LIF.<\/p>\n\n\n\n<div class=\"wp-block-group has-lightest-yellow-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h3 class=\"wp-block-heading\">Life income fund pros and cons<\/h3>\n\n\n\n<div class=\"wp-block-nerdwallet-blocks-pros-cons c-block-pros-cons\"><h4 class=\"c-block-pros-cons__pros-title\">Pros<\/h4><ul class=\"c-block-pros-cons__pros-values\"><li>LIFs are tax-sheltered accounts. You only pay taxes when you withdraw the money, typically in retirement.<\/li><li>You can delay receiving income from an LIF up to age 71, allowing it more time to grow without paying taxes on it.<\/li><li>The annual withdrawal from an LIF makes it easier to plan your retirement strategy.<\/li><li>LIFs allow you to choose your own investments.\u00a0<\/li><\/ul><h4 class=\"c-block-pros-cons__cons-title\">Cons<\/h4><ul class=\"c-block-pros-cons__cons-values\"><li>LIFs have strict rules about how the account can be used and what investments it can hold.<\/li><li>You can\u2019t start an LIF until you reach the early retirement age of the province in which the original pension plan was registered.<\/li><li>An LIF\u2019s withdrawal rules can mean you won\u2019t have easy access to all your money if you need it.<\/li><li>LIFs are governed by the rules of the province or territory where you worked when you earned the pension funds, even if you\u2019ve since moved to a new province or territory. That might make it hard to connect with an advisor who fully understands the rules around your LIF.<\/li><\/ul><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">What is a life income fund?<\/h2>\n\n\n\n<p class=\"\">An LIF is a type of <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-rrif\">registered retirement income fund<\/a>, or RRIF, in Canada. <\/p>\n\n\n\n<p class=\"\">If you worked for an employer that offered a pension plan but left the job before you retired, you likely transferred those funds to a <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-a-lira\">locked-in retirement account<\/a>, or LIRA. That\u2019s because provincial laws state that you can\u2019t access those funds until you retire, which is known as being \u201clocked in.\u201d <\/p>\n\n\n\n<p class=\"\">When you reach the retirement age specified by your provincial legislation, you can convert the LIRA to an LIF and start receiving funds.\u00a0<\/p>\n\n\n\n<p class=\"\">You can\u2019t contribute to an LIF. It\u2019s just for withdrawing the money that was held in a LIRA. <\/p>\n\n\n\n<p class=\"\">You also can\u2019t withdraw all the funds as a lump sum from your LIF, as there\u2019s an annual maximum withdrawal amount. In addition, like other RRIFs, there is an annual minimum amount you must withdraw every year. The goal is that the account will help support your retirement income for the remainder of your life.<\/p>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/defined-benefit-vs-defined-contribution-pension\">Defined contribution vs defined contribution pensions<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">LIF eligibility<\/h3>\n\n\n\n<p class=\"\">Only people who rolled locked-in pension funds into a LIRA will eventually need to convert that account into an LIF. If you don\u2019t have a LIRA, you are not eligible for an LIF. Instead, you\u2019ll want to look into converting your RRSP to an RRIF.<\/p>\n\n\n\n<p class=\"\">If you have a LIRA, you can choose to transfer it into a LIF as soon as you reach the retirement age specified by the province in which your pension is held. LIRAs must be moved into an LIF by December 31 on the year in which you turn 71.<\/p>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/resolutions-for-retirement\">How to get retirement-ready<\/a><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">How to withdraw funds from an LIF<\/h3>\n\n\n\n<p class=\"\">LIFs have a number of withdrawal restrictions. For example, you generally cannot withdraw the whole amount in your LIF as a lump sum, as there are annual withdrawal maximums.&nbsp;<\/p>\n\n\n\n<p class=\"\">Similar to RRIFs, you are required to withdraw a minimum amount from your LIF account every year. This amount is a percentage of the total account balance and varies by age. The minimum and maximum LIF withdrawal percentages also vary based on the province in which you reside. These percentages change annually as they are specified by the Income Tax Act.&nbsp;<\/p>\n\n\n\n<p class=\"\">There are a couple of special specific circumstances in which you may be able to withdraw more than the annual maximum from your LIF. These include becoming a non-resident of Canada, being diagnosed with a terminal illness, and experiencing financial hardship.<\/p>\n\n\n\n<p class=\"\"><strong>\u00bb MORE:<\/strong> <a href=\"https:\/\/www.nerdwallet.com\/ca\/personal-finance\/provincial-tax-rates\">What you should know about provincial tax rates<\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">What are the rules and tax implications of a life income fund?<\/h2>\n\n\n\n<p class=\"\">Like LIRAs, LIFs are tax-sheltered. This means you don\u2019t pay taxes on LIF funds until you withdraw them, at which point they are part of your taxable income.<\/p>\n\n\n\n<p class=\"\">Come tax time, the financial institution where you opened the LIF should provide you with proper tax documentation (a form T4RIF).&nbsp;<\/p>\n\n\n\n<p class=\"\">While the above withdrawal and tax implications are generalized across Canada, some rules differ from province to province.&nbsp;<\/p>\n\n\n\n<p class=\"\">Some provinces offer a one-time lump-sum unlocking option, for example. This is only available to individuals of a certain age, such as age 55 in Manitoba. In this situation, a portion of the money from the LIF can be withdrawn as cash (in which case it is taxed as income) or transferred to an RRSP or RRIF (not taxed).&nbsp;<\/p>\n\n\n\n<p class=\"\">In addition to the annual withdrawals, some provinces allow an additional withdrawal every year, referred to as temporary income.&nbsp;<\/p>\n\n\n\n<p class=\"\">Should you pass away with money remaining in your LIF, the balance will be paid to your spouse, your estate or a named beneficiary. Some provinces may allow the beneficiary to transfer it into their own RRSP or RRIF tax-free, but others may require them to remain locked and be transferred to a locked-in RRSP or LIF.&nbsp;<\/p>\n\n\n\n<p class=\"\">Federal legislation covers pensions earned in the Yukon, Northwest Territories and Nunavut, while PEI does not have pension legislation and locked-in accounts aren\u2019t available. If you are unsure of the rules surrounding LIFs where you live, get in touch with a retirement expert at your financial institution or a financial advisor to discuss your options.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">LIF alternatives<\/h2>\n\n\n\n<p class=\"\">Canadians with a LIRA also have the option of converting it into a life <a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/annuities-in-canada-explained\">annuity<\/a>.<\/p>\n\n\n\n<p class=\"\">A life annuity is managed by a financial institution whereas you manage the LIF yourself.<\/p>\n\n\n\n<p class=\"\">And while an annuity is protected from market fluctuations and provides a guaranteed income so you always know how much you will receive, an LIF is an investment account, so its value (and therefore the minimum and maximum annual withdrawal amounts) fluctuates with the market.<\/p>\n\n\n\n<div class=\"nwb-authors nwb-authors__footer wp-block-nerdwallet-blocks-authors-card\">\n\t<div class=\"nwb-authors__wrapper\">\n\t\t<h4 class=\"nwb-authors__title\">\n\t\t\tAbout the Author\t\t<\/h4>\n\n\t\t\t\t\t<div class=\"nwb-authors__content\">\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\">\n\t\t\t\t\t\t<img\n\t\t\t\t\t\t\tclass=\"nwb-authors__image\"\n\t\t\t\t\t\t\tsrc=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Hannah-Logan-e1626212867388-100x100.jpg\"\n\t\t\t\t\t\t\twidth=\"120\" height=\"120\"\n\t\t\t\t\t\t\talt=\"Hannah Logan photo\"\n\t\t\t\t\t\t\/>\n\t\t\t\t\t<\/a>\n\t\t\t\t\n\t\t\t\t<div>\n\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\">\n\t\t\t\t\t\t<strong>Hannah Logan<\/strong>\n\t\t\t\t\t<\/a>\n\n\t\t\t\t\t<div class=\"nwb-authors__bio\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<p>Hannah Logan is a freelance writer and blogger who specializes in personal finance and travel. You can follow her personal travel blog EatSleepBreatheTravel.com or find her on Instagram @hannahlogan21.<\/p>\n\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/hannah-logan\" title=\"Read more about Hannah Logan\">\n\t\t\t\t\t\t\t<span>Read more about Hannah Logan and explore their articles<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t<\/div>\n<\/div>\n\n\n\n\t<section class=\"c-block-card-grid container\"\n\t\t\t>\n\t\t\t\t\t<h4 class=\"c-block-card-grid__title\">\n\t\t\t\tDIVE EVEN DEEPER\t\t\t<\/h4>\n\t\t\n\t\t<div class=\"c-block-card-grid-scroll column-four\">\n\t\t\t<div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4056\" class=\"c-block-card post-4056 page type-page status-publish has-post-thumbnail hentry content-classification-investing topic-investing-basic cluster-retirement\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/how-to-invest-in-tfsa\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/02\/invest-in-tfsa-e1644253718877-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"How to Invest in a TFSA\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/how-to-invest-in-tfsa\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tHow to Invest in a TFSA\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Store your interest-bearing or capital gains and dividend investments in a TFSA to increase your wealth without paying taxes on it.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/nora-dunn\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/11\/Nora-Dunn-The-Professional-Hobo-0035-e1637619627161-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Nora Dunn<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4056 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-2993\" class=\"c-block-card post-2993 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-type-of-banking-accounts cluster-registered-banking-products\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-tfsa\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/12\/Best-High-Interest-TFSA-e1639177706748-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Best Tax-Free Savings Account Rates in Canada for 2025\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-tfsa\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tBest Tax-Free Savings Account Rates in Canada for 2025\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The best high-interest tax-free savings accounts (TFSAs) have minimal fees and earn high rates of interest.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-2993 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-1316\" class=\"c-block-card post-1316 page type-page status-publish has-post-thumbnail hentry content-classification-investing topic-investing-basic cluster-retirement\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-the-canada-pension-plan\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/What-is-the-Canada-Pension-Plan-e1627403060153-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Canada Pension Plan (CPP): How to Contribute, Receive Benefits\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-the-canada-pension-plan\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tCanada Pension Plan (CPP): How to Contribute, Receive Benefits\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>The Canada Pension Plan (CPP) is a monthly social insurance payment for retired Canadians. The amount you receive is based on your average earnings, CPP contributions and age.<\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t\t<div class=\"nw-written-by-layout-inline\">\n\t\t\t\n\t\t\t<div class=\"nw-written-by-layout-inline--wrapper\">\n\t\t\t\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/author\/sandra-macgregor\" class=\"author url fn\" rel=\"author\"><img loading=\"lazy\" decoding=\"async\" width=\"32\" height=\"32\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/07\/Sandra-MacGregor-e1626212852416-40x40.jpg\" class=\"avatar avatar-32 photo wp-post-image\" alt=\"\" \/>Sandra MacGregor<\/a>\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-1316 -->\n<\/div><div class=\"c-block-card-grid-scroll__column\">\n<div id=\"post-4344\" class=\"c-block-card post-4344 page type-page status-publish has-post-thumbnail hentry content-classification-banking topic-type-of-banking-accounts cluster-registered-banking-products\">\n\t<div class=\"c-block-card__inner c-block-card__inner--large\">\n\t\t\t<a class=\"c-block-card__image-wrapper\" href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-rrsp\" rel=\"bookmark\">\n\t\t<img loading=\"lazy\" width=\"460\" height=\"191\" decoding=\"async\" src=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/02\/GettyImages-1277773881-e1645655618229-460x191.jpg\" class=\"c-block-card__image wp-post-image\" alt=\"Best RRSP Accounts and Rates in Canada for 2025\" \/>\t<\/a><!-- .c-entry__thumbnail -->\n\t\t\t<div class=\"c-block-card__content-wrapper\">\n\t\t\t\n<h4 class=\"c-block-card__title\">\n\t<a href=\"https:\/\/www.nerdwallet.com\/ca\/banking\/best-high-interest-rrsp\" rel=\"bookmark\" class=\"c-block-card__title-link\">\n\t\tBest RRSP Accounts and Rates in Canada for 2025\t<\/a>\n<\/h4>\n\n\t<div class=\"c-block-card__content\">\n\t\t<p>Use these high-interest RRSPs to make contributions in the short term before deciding how to invest your retirement funds in the long term. <\/p>\n\t<\/div>\n\n\t<div class=\"c-block-card__authors\">\n\t\t\t<\/div>\n\t\t<\/div><!-- .c-card__content-wrapper -->\n\t<\/div>\n<\/div><!-- #post-4344 -->\n<\/div>\t\t<\/div>\n\t<\/section>\n\n","protected":false},"excerpt":{"rendered":"<p>A life income fund, or LIF, locks away money from your pension plan fund and provides annual payments during retirement. <\/p>\n","protected":false},"author":12,"featured_media":4082,"parent":2483,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-templates\/article-sidebar.php","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"middle","apple_news_slug":"","apple_news_sections":"[\"https:\\\/\\\/news-api.apple.com\\\/sections\\\/258a2d7c-962b-47be-93aa-4e3a3f4b4a02\"]","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":"","_nw_pros_cons_block_schema":"{\"@context\":\"http:\/\/schema.org\",\"@type\":\"Product\",\"name\":\"Life Income Fund (LIF): How It Works in Retirement\",\"review\":{\"@type\":\"Review\",\"name\":\"Life Income Fund (LIF): How It Works in Retirement\",\"author\":{\"@type\":\"Person\",\"name\":\"Post Author\"},\"positiveNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"LIFs are tax-sheltered accounts. You only pay taxes when you withdraw the money, typically in retirement.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"You can delay receiving income from an LIF up to age 71, allowing it more time to grow without paying taxes on it.\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"The annual withdrawal from an LIF makes it easier to plan your retirement strategy.\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"LIFs allow you to choose your own investments.\u00a0\"}]},\"negativeNotes\":{\"@type\":\"ItemList\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"LIFs have strict rules about how the account can be used and what investments it can hold.\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"You can\u2019t start an LIF until you reach the early retirement age of the province in which the original pension plan was registered.\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"An LIF\u2019s withdrawal rules can mean you won\u2019t have easy access to all your money if you need it.\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"LIFs are governed by the rules of the province or territory where you worked when you earned the pension funds, even if you\u2019ve since moved to a new province or territory. That might make it hard to connect with an advisor who fully understands the rules around your LIF.\"}]}}}"},"content-classification":[35],"topic":[112],"cluster":[265],"pp_author":[22],"acf":[],"apple_news_notices":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>How to Use a Life Income Fund in Retirement - NerdWallet Canada<\/title>\n<meta name=\"description\" content=\"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to Use a Life Income Fund in Retirement - NerdWallet Canada\" \/>\n<meta property=\"og:description\" content=\"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund\" \/>\n<meta property=\"og:site_name\" content=\"NerdWallet Canada\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/NerdWallet\" \/>\n<meta property=\"article:modified_time\" content=\"2024-09-11T18:51:18+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/02\/GettyImages-1277773748-e1644347219974.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2121\" \/>\n\t<meta property=\"og:image:height\" content=\"884\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@NerdWallet\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n\t<meta name=\"twitter:label2\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data2\" content=\"Hannah Logan\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund\",\"name\":\"How to Use a Life Income Fund in Retirement - NerdWallet Canada\",\"isPartOf\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\"},\"datePublished\":\"2022-02-08T19:10:33+00:00\",\"dateModified\":\"2024-09-11T18:51:18+00:00\",\"description\":\"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund#breadcrumb\"},\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Investing\",\"item\":\"https:\/\/www.nerdwallet.com\/ca\/investing\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Life Income Fund (LIF): How It Works in Retirement\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#website\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"name\":\"NerdWallet Canada\",\"description\":\"NerdWallet, make all the right money moves.\",\"publisher\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#organization\",\"name\":\"NerdWallet Canada\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-CA\",\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"contentUrl\":\"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg\",\"width\":1,\"height\":1,\"caption\":\"NerdWallet Canada\"},\"image\":{\"@id\":\"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/NerdWallet\",\"https:\/\/twitter.com\/NerdWallet\",\"https:\/\/www.instagram.com\/NerdWallet\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to Use a Life Income Fund in Retirement - NerdWallet Canada","description":"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund","og_locale":"en_US","og_type":"article","og_title":"How to Use a Life Income Fund in Retirement - NerdWallet Canada","og_description":"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.","og_url":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund","og_site_name":"NerdWallet Canada","article_publisher":"https:\/\/www.facebook.com\/NerdWallet","article_modified_time":"2024-09-11T18:51:18+00:00","og_image":[{"width":2121,"height":884,"url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2022\/02\/GettyImages-1277773748-e1644347219974.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@NerdWallet","twitter_misc":{"Est. reading time":"5 minutes","Written by":"Hannah Logan"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund","url":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund","name":"How to Use a Life Income Fund in Retirement - NerdWallet Canada","isPartOf":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#website"},"datePublished":"2022-02-08T19:10:33+00:00","dateModified":"2024-09-11T18:51:18+00:00","description":"A life income fund, or LIF, is a government-regulated retirement account that allows for annual withdrawal of pension income. If you have a LIRA, you may need an LIF.","breadcrumb":{"@id":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund#breadcrumb"},"inLanguage":"en-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.nerdwallet.com\/ca\/investing\/what-is-life-income-fund#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.nerdwallet.com\/ca\/"},{"@type":"ListItem","position":2,"name":"Investing","item":"https:\/\/www.nerdwallet.com\/ca\/investing"},{"@type":"ListItem","position":3,"name":"Life Income Fund (LIF): How It Works in Retirement"}]},{"@type":"WebSite","@id":"https:\/\/www.nerdwallet.com\/ca\/#website","url":"https:\/\/www.nerdwallet.com\/ca\/","name":"NerdWallet Canada","description":"NerdWallet, make all the right money moves.","publisher":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.nerdwallet.com\/ca\/?s={search_term_string}&submit=Search"},"query-input":"required name=search_term_string"}],"inLanguage":"en-CA"},{"@type":"Organization","@id":"https:\/\/www.nerdwallet.com\/ca\/#organization","name":"NerdWallet Canada","url":"https:\/\/www.nerdwallet.com\/ca\/","logo":{"@type":"ImageObject","inLanguage":"en-CA","@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/","url":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","contentUrl":"https:\/\/www.nerdwallet.com\/ca\/wp-content\/uploads\/sites\/2\/2021\/06\/NerdWallet-bug.svg","width":1,"height":1,"caption":"NerdWallet Canada"},"image":{"@id":"https:\/\/www.nerdwallet.com\/ca\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/NerdWallet","https:\/\/twitter.com\/NerdWallet","https:\/\/www.instagram.com\/NerdWallet"]}]}},"_links":{"self":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/4079"}],"collection":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/comments?post=4079"}],"version-history":[{"count":14,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/4079\/revisions"}],"predecessor-version":[{"id":73732,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/4079\/revisions\/73732"}],"up":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pages\/2483"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media\/4082"}],"wp:attachment":[{"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/media?parent=4079"}],"wp:term":[{"taxonomy":"content-classification","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/content-classification?post=4079"},{"taxonomy":"topic","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/topic?post=4079"},{"taxonomy":"cluster","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/cluster?post=4079"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.nerdwallet.com\/ca\/wp-json\/wp\/v2\/pp_author?post=4079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}