Heritage Insurance
Call or Text Us! (306) 693-7640
We Take The Hassle Out of Buying Insurance GUARANTEED...

Home
Insurance
Click Here!

Explore Your Options With Clickable Coverage Instant Quote >

Auto
Insurance
Click Here!

Explore Your Options With Clickable Coverage Instant Quote >

Business
Insurance
Click Here!

Explore Your Options With Clickable Coverage Instant Quote >

Life
Insurance
Click Here!

Explore Your Options With Clickable Coverage Instant Quote >

Russ MacDonaldIf you are a member of your employer's pension plan, you are typically offered two different ways to draw pension benefits when you retire.

The traditional option is to receive fixed monthly installment payments from your pension plan for your lifetime. Another option is to convert your pension money as a lump sum into a Locked-In Retirement Account (LIRA) which offers you freedom to manage your money as you would with an RRSP. This option appeals to many.

If you're unsure which option is the right one, ask yourself:
  • Am I worried I won't have enough to live the lifestyle I want in retirement?
  • Do I have other sources of retirement income, such as personal savings (e.g.registered retirement savings plans)?
  • Am I concerned commuting my pension to a LIRA will make managing my money more complicated?
  • Am I worried about taking control of my assets?
  • Is there comfort in having a stable and reliable income or do I want the opportunity to grow my assets?
If you're still unsure, consider commuting your pension to a LIRA rather than taking the pension. Taking a pension means you're locked in to that decision. There is no opportunity to transfer it later. By commuting it to a LIRA first, you can still later decide you would prefer a guaranteed income and then use your LIRA to purchase a life annuity.

To further explore this option to see if it is right for you please call me today for a no obligation consultation. I'd be more than happy to field any questions you may have and give you the ins and outs of what all your options are.

-Russ MacDonald
Heritage Insurance Ltd., (306) 631-9738


*****
While you're analyzing your financial situation, consider life insurance. Call Heritage Insurance, Ltd at (800) 667-7640 for a free Moose Jaw SK life insurance quote.
Share |


No Comments


Post a Comment
Name
Required
E-Mail
Required (Not Displayed)
Comment
Required


All comments are moderated and stripped of HTML.
Submission Validation
Required
CAPTCHA
Change the CAPTCHA codeSpeak the CAPTCHA code
 
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive


View Mobile Version
Peace Hills
SGI Canada
SMI
Southwestern
TCIN Canada
Wawanesa
Wynward
Connect With Us: Facebook Twitter LinkedIn Google+ YouTube RSS Feed

Latest News
Read more >
Icon
Visit Us Heritage Insurance LTD Office


Icon

© Copyright 2018. All rights reserved. Powered by Insurance Website Builder.