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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.
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.
The federal Employee Retirement Income Security Act of 1974 — or ERISA — prevents creditors from making claims against funds in retirement accounts like 401(k)s, protecting the money you paid ...
Not only could you owe income taxes on withdrawals from certain retirement accounts (such as a 401(k) or traditional IRA), but you may owe taxes on your Social Security, too.
The RMD rules are designed to spread out the distributions of one's entire interest in an IRA or plan account over one's life expectancy or the joint life expectancy of the individual and his or her beneficiaries. The purpose of the RMD rules is to ensure that people do not accumulate retirement accounts, defer taxation, and leave these ...
The money contributed to the SPP can be converted to an annuity, [18] locked-in retirement account, or prescribed registered retirement income fund. [19] In 2021 they introduced a Variable Benefit [20] option for members in Saskatchewan. The retirement options available to SPP members are covered on the SPP website. [21]
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