Locked in Retirement Account (LIRAs)

Keep your retirement savings safe and secure.

You worked hard for years to save for your retirement; now it's time to put that savings to good use. You need your pensions to provide you with enough income throughout retirement to live on. A Locked in Retirement Account keeps the money from your pension plan safe until you need it.
A LIRA is a savings account that allows you to keep your retirement safe and secure. A LIRA is an excellent option for those who want more flexibility than a traditional RRSP but also want to ensure their money is going toward retirement. It's similar to an RRSP but has a few key differences. LIRAs are tax-deferred accounts. This means your assets grow tax-free within your LIRA, but you will have to pay taxes on any withdrawals.
The main benefit of a Locked in Retirement Account is that you can't access the funds until you're retired. This is ideal for people who need help with self-restraint. Your money can grow faster because it isn't taxed until it's withdrawn. Fees can be lower than those incurred by mutual funds or other investment accounts because there is less management involved with LIRAs than with other retirement accounts. A LIRA is an excellent way to protect your pension and yourself from taxes on your investments.
Whether it's helping you with your first investment account or helping you expand on the one you already have, Flourish Financial Solutions is here to help. We understand how important it is to invest in your future and want to ensure everyone achieves the financial security they deserve.