Not sure how I missed that. Thanks for pointing it out. We’ll see if we can add it in without having to take down the entire video and upload a new one
@K4Financial11 ай бұрын
I’ve pinned this as the top comment so that anyone from Saskatchewan can hopefully see that you can unlock the whole thing.
@chelseas879111 ай бұрын
"if I'm wrong, please correct me in the comments, but don't tell me I'm an idiot" lol'd at this
@sandray760911 ай бұрын
😂😂😂
@arshkhinda292211 ай бұрын
Hey Kent, great content. To add. I just did small balance under FED and it worked really smoothly.
@K4Financial11 ай бұрын
Perfect, thanks for sharing
@user-od9iz9cv1w4 ай бұрын
50% unlocked in Ontario at age 71. Did it when I was transferring into RIFs and LIFs. Worked like a charm. The various financial institutions seem to have this process working.
@emsub194111 ай бұрын
Thanks for the information. I took a few notes for ON.
@pablopiquante322711 ай бұрын
And this is another reason why its more than worth it to pay the small fee and have K4 create a personalized financial plan for us!
@wayneandrews10224 ай бұрын
In Alberta: If you are under age 65 and the amount in any single locked-in account is less than $13,700 on the day you ask for the withdrawal, the account can be unlocked (less than 20% of the YMPE). If you are age 65 or older and the amount in any single locked-in account is less than $27,400 on the day you ask for the withdrawal, the account can be unlocked (less than 40% of the YMPE).
@jovicrazed11 ай бұрын
I completely regret taking my pension funds and putting them into a LIRA when I didn't know better. I'd much rather have those years of service in the pension plan and it's FAR too expensive to buy those years back.
@CalmPlains11 ай бұрын
Very informative, thanks!
@photoMorg10 ай бұрын
I work for an Airline my old DC is federal jurisdiction 50% Lira 50% RRSP
@alfaromeo1598 ай бұрын
May I know what is the current percentage of YMPE under small amount in Ontario can be withdraw from LIRA account?
@chrisjeanneret509111 ай бұрын
Hi Kent. Good video. I have a federal DB pension and while the OSFI page is confusing there are other sources that indicate that a federal plan can be converted into an RLIF (Restricted LIF), which then has options similar to Ontario plans.
@K4Financial11 ай бұрын
Yeah, I was initially mistaken on the Federal rules. Looks like they allow for unlocking. We’ll redo the video soon and clear up the mistakes that I made
@R-gw7ksАй бұрын
Is unlocking based on where the pension is REGISTERED or where JURISDICTION? I worked for national company. Pension registered in Ontario but jurisdiction in BC (where i was employed). Thanks.
@K4FinancialАй бұрын
Jurisdiction is what matters.
@eac38111 ай бұрын
Can't unlock in Nova Scotia 😞
@ronotoole453711 ай бұрын
He says in the video you can unlock 100% after 65 if less than50% of YMPE
@kdm36956 ай бұрын
What does’ at retirement’ mean? I am in the middle of a divorce, in BC. I am supposed to receive a percentage of my spouse’s federal pension which will be invested in a LIRA. My spouse was a big spender, we do not have much savings, still have a mortgage and I will not be in a financial position to retire any time soon.
@K4Financial6 ай бұрын
There will be some rules attached to each pension about “retirement” dates, so you will have to find out by looking at the actual pension plan. Could mean 55, could be later.
@HDCanadianTrainVideos11 ай бұрын
I work for the railroad and we get a pension, is it considered a federal LIRA if I were to leave before the retirement age?
@K4Financial11 ай бұрын
I don’t think it’s Federal, but could be mistaken.
@Gurkha911 ай бұрын
QC - I unlocked 100% at 59, small amount
@jeffmarchand616811 ай бұрын
I have an Ontario Lira. I am 55 but plan to retire at 60. It is self directed as is my RRSP. Is there any benefit to unlocking it now not at 60. If I unlock does that commit me to taking LIF withdrawals. I don't want to while still working.
@K4Financial11 ай бұрын
No point until you want to draw any income from it
@photoMorg6 ай бұрын
Airlines are Federal
@deborahcabot31009 ай бұрын
I live in Alberta, 64 years old, I have a LIRA of $22,000.00 I would like to unlock the whole amount, is this possible? I know I can unlock 50% but to me there's not enough to have a LIF.
@K4Financial9 ай бұрын
If you unlock half, then you can probably get the rest through some other unlocking rules due to the small size of the remainder
@deborahcabot31009 ай бұрын
@@K4Financial Thanks for the quick reply. I think if I wait till I'm 65 than because it's under $26,000 I can unlock half and roll the rest into my RRSPs.
@Metoo111111 ай бұрын
So how does one find out if you even have a LIRA?
@K4Financial11 ай бұрын
You would have had to transfer an old pension to a financial institution. It would be on a statement
@ronotoole453711 ай бұрын
What is YMPE?
@K4Financial11 ай бұрын
Yearly Maximum Pensionable Earnings. It’s the number they set each year to determine how much you have to pay into CPP.
@TheBrawlmastah6 ай бұрын
Change settings to 1.25x speed. Thank me later.
@larryzuney37724 ай бұрын
simply glossed over SK while other provinces were given a detailed explanation.