LIF Payment
Calculate your LIF payment and see how those payments change over time.
| Ontario |
|
100,000
|
|
71
Start payments at age
The earliest you can start to withdraw from a LIF in this calculator is age 55 and you must start by age 71.
Input Error: Start age
Enter an age between 55 and 100. |
|
90
End payments at age
Enter the age that you want payments to end.
Input Error: End age
Enter an age between 71 and 100. |
|
4.00%
Input Error: Rate of return
Enter a value between 0 and 16%. |
|
|
|
LIF Payment Schedule
You will run out of money at age 89, 1 years before the expected age of 90.
You will run out of money at age 89, 1 years before the expected age of 90.
| Age | Value at Start of year | Annual Payment | Withdrawal Percent | Value at End of Year |
|---|---|---|---|---|
| 71 | $100,000 | $8,450 | 8.45% | $95,212 |
| 72 | $95,212 | $8,293 | 8.71% | $90,396 |
| 73 | $90,396 | $8,136 | 9.00% | $85,550 |
| 74 | $85,550 | $7,990 | 9.34% | $80,662 |
| 75 | $80,662 | $7,832 | 9.71% | $75,743 |
| 76 | $75,743 | $7,688 | 10.15% | $70,777 |
| 77 | $70,777 | $7,545 | 10.66% | $65,761 |
| 78 | $65,761 | $7,398 | 11.25% | $60,698 |
| 79 | $60,698 | $7,259 | 11.96% | $55,577 |
| 80 | $55,577 | $7,125 | 12.82% | $50,390 |
| 81 | $50,390 | $6,989 | 13.87% | $45,137 |
| 82 | $45,137 | $6,856 | 15.19% | $39,812 |
| 83 | $39,812 | $6,728 | 16.90% | $34,407 |
| 84 | $34,407 | $6,603 | 19.19% | $28,916 |
| 85 | $28,916 | $6,477 | 22.40% | $23,337 |
| 86 | $23,337 | $6,355 | 27.23% | $17,661 |
| 87 | $17,661 | $6,233 | 35.29% | $11,885 |
| 88 | $11,885 | $6,116 | 51.46% | $6,000 |
| 89 | $6,000 | $6,000 | 100.00% | $0 |
Assumptions
Maximum Life Income Fund (LIF) withdrawal percentages are effective January 1, 2024.
LIF payments are annual amounts and are made at the start of the year. Maximum LIF calculations for British Columbia, Alberta, Manitoba and Ontario are based on the greater of 1) the maximum withdrawal percentage factor and 2) the previous year's investment returns. For Manitoba, this calculator does not factor in the 6% of the value of transfers from a LIRA or pension plan during the current year that would be added to the previous year's investment returns. Maximum LIF calculations for New Brunswick, Nova Scotia, Newfoundland, Quebec, Saskatchewan and Federal jurisdications are based on the maximum withdrawal percentage factors. If the type of payment is Maximum, the actual payment will be greater of the Minimum and Maximum amounts. If the Minimum amount is greater than the Maximum, the Minimum amount must be withdrawn. If the type of payment is Fixed, the actual withdrawal will be the lesser of 1) the greater of the Minimum and Fixed amounts and 2) the Maximum amount.
Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and/or Fund Facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ©Copyright 2024 Ativa Interactive Corp. All rights reserved. Powered by Ativa.com.
Maximum Life Income Fund (LIF) withdrawal percentages are effective January 1, 2024.
LIF payments are annual amounts and are made at the start of the year. Maximum LIF calculations for British Columbia, Alberta, Manitoba and Ontario are based on the greater of 1) the maximum withdrawal percentage factor and 2) the previous year's investment returns. For Manitoba, this calculator does not factor in the 6% of the value of transfers from a LIRA or pension plan during the current year that would be added to the previous year's investment returns. Maximum LIF calculations for New Brunswick, Nova Scotia, Newfoundland, Quebec, Saskatchewan and Federal jurisdications are based on the maximum withdrawal percentage factors. If the type of payment is Maximum, the actual payment will be greater of the Minimum and Maximum amounts. If the Minimum amount is greater than the Maximum, the Minimum amount must be withdrawn. If the type of payment is Fixed, the actual withdrawal will be the lesser of 1) the greater of the Minimum and Fixed amounts and 2) the Maximum amount.
Disclaimer
This calculator is for educational purposes only. All charts and illustrations are for illustrative purposes only and are not intended to illustrate the performance of any security or portfolio. You should not rely on the results as an indication of your financial needs and we recommend that you seek your own financial, investment, tax, legal or accounting advice nor shall the information herein be considered as investment advice or as a recommendation to enter into any transaction. Professional advice should be obtained prior to acting on the basis of this information. The deduction of advisory fees, brokerage or other commissions and any other expenses that would have been paid may not be reflected in the calculation results. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus and/or Fund Facts before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. ©Copyright 2024 Ativa Interactive Corp. All rights reserved. Powered by Ativa.com.
