Hi everyone, I’m planning ahead for retirement and I’ve heard about something called a Life Income Fund (LIF). I’m looking for a reliable credit union in Canada that can help me set one up. Does anyone have experience with this or know a trustworthy place to go?
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You should definitely check out BCU Financial - Buduchnist Credit Union https://bcufinancial.com/personal/investment/registered-plans/life-income-fund. It’s one of the largest Ukrainian credit unions in Canada, and they offer assistance with setting up an LIF. Basically, a LIF is a type of registered pension fund (RRIF) designed to provide you with income from your locked-in pension assets. You can use it if you have retirement savings from previous employers or workplace pension plans and need access to those funds after retiring. Once you retire, you can transfer your pension savings into a LIF account and start withdrawing money, although there are limits based on your age and account size. BCU Financial has helped me with other retirement and investment options for years, and their service is always professional, fast, and trustworthy.