What is the minimum age for withdrawals from a LIRA?

The minimum age for withdrawals from a Locked-In Retirement Account (LIRA) is 55. This regulation is set to ensure that individuals do not access their retirement savings prematurely, allowing those funds to grow until a more appropriate retirement age. At 55, individuals can start withdrawing funds from their LIRA under certain conditions, usually pertaining to retirement or other qualifying situations. This age requirement is part of the broader regulatory framework governing registered retirement accounts in Canada, aimed at safeguarding long-term financial security for individuals as they near retirement age.

In this context, while the other ages listed might suggest potential withdrawal options, the specific age of 55 is critical as it balances accessibility with the intent of preserving retirement savings.