In this video we will walk you through how to schedule the max withdrawal for your client's LIF.
Transcript
In this video, I will walk you through how to schedule maximum LIF/RIF withdrawals in your client’s plan.
If your client has a LIRA or LIF in their plan, open that account from the dashboard. Navigate to Withdrawal Limit. In this example, I want the software to only pull the maximum available from this account, so I will set the Withdrawal Limit to Scheduled Only.
Next, go to Planned Withdrawals and click Add Withdrawal. Name this schedule LIF Max Withdrawal, select All Available Recurring, and update the timing. I will schedule withdrawals to start at age 71 (set as the start event) and continue until the end of the plan.
This tells the software to begin withdrawing the maximum amount from this LIF plan starting at age 71 and continue each year until the plan ends. Click Done to save.
To verify, go to Year View → Pension Tab. Scroll to age 70—no withdrawals occur yet. At age 71, withdrawals begin. Clicking on the year shows the scheduled withdrawal, and for the remainder of the plan, the max available is withdrawn each year.
I hope this was helpful. If you have questions while working in a plan, click your client’s name in the top right, select Request Support, type your question, and share client access. We’ll get back to you as soon as possible.