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Thinking of Retiring Early And Accessing Pension Funds Before You’re 65?

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Planning on an early retirement?

A risk with early retirement is that you may not have had enough time to build up the funds you’ll need during your retirement. You may need to work longer to save more money.

Typically retirees start their pensions at age 65. But what if you want to access your retirement pension funds earlier?

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You may have your pension locked in with your employer as a defined-benefit pension and want to move it out of the company, or you might have your funds locked up in a “Locked-in Retirement Account” (LIRA).

Usually the only way to get your retirement funds out of your locked-in accounts is to retire or reach at least 55 years of age. You can also explore:

  • Transferring funds to a Life Annuity, a Life Income Fund (LIF), or a Life Retirement Income Fund (LRIF), depending on which province you live in.
  • Utilizing a buyout offer as an opportunity for retiring early.

Consider the following:

  • How will your pension be impacted?
  • What will your living expenses be during early retirement?
  • Will your decreased income be enough to maintain your lifestyle?
  • What other retirement income do you have that you can utilize in combination with your pension?

Visit the links below for specific rules about locked-in pensions depending on the province you live in, and how you may be able to unlock funds early:

  1. Alberta
  2. British Columbia
  3. Manitoba
  4. Nova Scotia
  5. Ontario
  6. Quebec
  7. Saskatchewan
  8. Federal Pensions (Yukon, NWT and Inuvik)

Let us analyze your multiple income streams in retirement. We’ll make sure to minimize your income tax.

Retirement planning is about budget and taxes. You address your spending. We address tax minimization.


Bruce Youngblud is a known pension expert in southern Ontario who specializes in helping individuals prepare for retirement. He advises clients on Canada pension plans, auto worker pensions, government pensions, tax planning, and estate planning. Call us at 1-888-554-6661 for a free consultation to analyze and discuss your pension options.

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