What can I do with the money in my locked-in retirement account?

A locked-in retirement account comes with strings that ordinary RRSPs do not, and this piece helps someone sort through what their options actually are when the time comes to turn it into income. Part of the discussion is the appeal and the cost of an annuity, which gives up flexibility and access to your capital but offers something genuinely valuable in return, namely certainty, a guaranteed payment you cannot outlive. The thinking weighs that trade-off against keeping the money invested and drawing from it yourself, which preserves control but leaves the outcome in your hands. It is most relevant to anyone holding a LIRA, often from a former employer's pension, who is trying to understand the rules and decide how much guaranteed income is worth giving up freedom for. The honest answer depends on how much certainty you personally need.