IPA: /ˈlɪf.tɒf/
KK: /ˈlɪfˌtɔf/
The moment when a rocket or aircraft begins to rise into the air.
The liftoff of the rocket was a spectacular sight for everyone watching.
Liftoff is formed from "lift" (from Old English "lyft", meaning to raise or elevate) and "off" (meaning away or from). The word describes the action of raising something away from the ground, particularly in the context of a spacecraft or rocket.
Imagine something being 'raised' ('lift') and then 'moving away' ('off') from the ground — that's what liftoff means.
No commonly confused words.