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A locked-in retirement account (LIRA, French: compte de retraite immobilisé (CRI)) or locked-in retirement savings plan (LRSP) is a Canadian investment account designed specifically to hold locked-in pension funds for former registered pension plan (RPP) members, former spouses or common-law partners, or surviving spouses or partners.
Rules determine the maximum contributions, the timing of contributions, the assets allowed, and the eventual conversion to a registered retirement income fund (RRIF), or an annuity, or the withdrawal of all funds within the RRSP, at age 71. [4]
The purpose of the RMD rules is to ensure that people do not accumulate retirement accounts, defer taxation, and leave these retirement funds as an inheritance. Instead, required minimum distributions force the holder to withdraw at least some of the funds as taxable distributions while still alive.
RMD rules You can't keep funds in a retirement plan or a traditional IRA (including SEP and SIMPLE IRAs) indefinitely. Eventually, they must be cashed out and taxed as ordinary income.
IRAs are tax-advantaged retirement savings accounts. There are several types of accounts, each with its own eligibility rules and contribution limits. Some contributions are tax deductible. Some ...
At least a portion of your retirement funds might be invested in the stock, bond or mutual fund market. This means that economic ups and downs can change the impact of each withdrawal you make ...
Additional legislation since 2001 has further relaxed restrictions. Essentially, most retirement plans can be rolled into an IRA after meeting certain criteria, and most retirement plans can accept funds from an IRA. An example of an exception is a non-governmental 457 plan which cannot be rolled into anything but another non-governmental 457 plan.
The RMD rules vary a bit if you have multiple retirement accounts. For instance,if you have more than one 401(k), you must calculate and withdraw your RMD separately from each of them.
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