In the world of retirement products, there is no shortage of acronyms-RRSP's, LIRA's, RRIF's, LIF's, LRIF's!! What does it all mean??
RRSP's and LIRA's are used when contributing or accumulating assets for your retirement. RRIF's, LIF's and LRIF's are used when you are starting to withdraw money for your retirement. What sets retirement products apart from other investments is that depending on which retirement product you own, there are special rules governing each product. There are also other forms of retirement products such as annuities and pension plans along with non registered investments as well! And don't forget to consider the taxes involved-it's no wonder people seek advice when it comes to planning their retirement.
A person needs to plan carefully when using these products to ensure maximum efficiency. Sometimes the consequences of withdrawing these investments can have devastating results-this is where an advisor can help you make informed decisions.
At Norstar Consulting, we will help guide you through the retirement maze with helpful advice and a wide array of products to take into account your personal situation. No two people are the same, so your retirement plan should reflect your individual needs!