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planning on retiring at 55 or possibly earlier (am 42 now), should I consider transfering my pension into a LIRA so I can control the investment or stick with the guaranteed pension, correct me if I am wrong but having a self-controlled LIRA potentially can lead to higher returns and of course more risk, I plan to work part-time(seasonal work) and will be in a lower income tax brackett, will more than likely withdrawl a some monthly amount from the LIRA upon retirement as well
 

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Is your pension a Defined Benefit (DB) plan? Unless your pension plan is with a private company that might go broke, few people would recommend trading a guaranteed DB pension for the gamble of being able to maker higher returns on personal investing.

You should also check out all the restrictions on LIRAs. They have a maximum annual withdrawal rate, not minimum as RRIFs do. And the account is locked so you cannot withdraw large lump sums at will. I also think LIRA withdrawals may not be eligible for the Pension Deduction Amount (currently a $2000 tax credit) until after age 65; and may not be eligible for Pension Transfer Amounts before Age 65. Whereas your pension income is eligible regardless of your age.
 

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They have a maximum annual withdrawal rate, not minimum as RRIFs do.
To clarify.... the LIRA has a minimum withdrawal rate just like the RRIF, however, it has a maximum withdrawal rate as well, whereas the RRIF doesn't.
 
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