WHAT TO DO WITH YOUR LOCKED-IN RETIREMENT ACCOUNT
You left your job recently
When you leave a job that offered a pension plan, it will generally have to be converted into a locked-in retirement account (LIRA) or a locked-in retirement savings plan (LRSP). Your former employer should generally offer you options.
For defined contribution plans, your former employer will probably offer you to continue with the same provider, for example an insurance company like SSQ or Manulife, and choose from a list of investment funds. The fees associated with these funds are often high and to your disadvantage. McLean Capital can help.
For defined benefit plans, your former employer will also offer you to continue with the same provider, such as an insurance company like Sun Life, and get a certain guaranteed return on your investment. This return is generally calculated in a very conservative way and therefore can be to your disadvantage. McLean Capital can help.
Call us at 450-937-2252 or write to email@example.com and we can advise you by offering you a clear comparison between a LIRA/LRSP investment with McLean Capital and the supplier of your former employer and give you examples to help you make a decision.
We invite you to learn more about McLean Capital:
You are 55 and over
Starting at age 55, you can transfer money from your locked-in plan to your RRSP. This can be beneficial when you reach the age where you have to make withdrawals annually.
McLean Capital can help you with this process. Call us at 450-937-2252 or write to us at firstname.lastname@example.org and we can advise you.