Getting the best pension annuity rates is simply not enough these days, as many hard up retirees are having to plunder their savings. Unfortunately, retirees and those soon to give up work are increasingly having to dip into their hard earned savings and investments to help them pay their seemingly ever increasing day-to-day expenses. With the fallout from the recession continuing to effect people, around 30% of UK adults have used their savings and investments to supplement their ongoing monthly income over the last 12 months, according to Schroders. Collectively, this amounts to an estimated £60 billion.
On average, those who have tapped into their savings and investments have spent around £4,600 in the last year. More women than men were forced to take money from their savings. However, it is those people who are already retired or approaching retirement who are most likely to have made withdrawals to make up a shortfall in income. Those nearing or in retirement have less opportunity to rebuild their savings and their declining annuity income proves insufficient to cover their day to day expenditure, even if they managed to secure the best annuity rates.
In order to make the most of your money when you reach retirement, it is essential to shop around to find the very best pension annuity rates available. Why not start your annuity research today, it’s never too early? We can offer you the opportunity to try out our online annuity calculator to find the best deal.
