A Life Income Fund (LIF) is a Canadian retirement account designed to provide a regular income stream from locked-in pension funds, such as a Registered Pension Plan (RPP) or Locked-In Retirement Account (LIRA). It offers retirees flexibility in managing withdrawals while ensuring the funds last throughout retirement. LIFs have government-mandated minimum and maximum withdrawal limits, and investments can include stocks, bonds, Seg funds, mutual funds, and ETFs, allowing growth while generating predictable retirement income.