Life income funds (LIF) is a retirement fund into which you put the total savings of the various pension plans which could include your Registered Pension Plan (RPP).

So if you are looking at options for your this is one of the options available to locked in RPP holders for an income payout.

This is different for the Registered Retirement Savings Plan (RRSP) holders choice. Their income payout plan would be through a Registered Retirement Income Fund (RRIF) product.

The LIF must be converted to an annuity by the time the holder reaches age 80.

To find out what options you have available and help you with your future income planning Turners Tips recommends you talk to your accountant, broker or financial planner. Take control of what you can for your future earnings.