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Annuity RatesWhether you’re fit and healthy, suffering from poor health, overweight or a smoker, we’ll find you a higher annuity income for your retirement.
Annuity OptionsYou can add various options to your annuity to tie in with your personal circumstances. Click here for details of the options that might apply to you.
Annuity TypesIt’s important that you select the right type of annuity for your requirements. Click here for details of the various annuities available.
Annuities Still Preferred
Why an annuity for your retirement income?
Whilst there are a variety of retirement solutions available, it is still the case that the majority of people buy an annuity for their all important retirement income. The simple reason for this is that an annuity provides a guaranteed income for life.
This income can be at a fixed level agreed at the outset, so you know exactly where you stand. For many people that’s probably very important and provides some peace of mind.
Choosing an annuity is all well and good but you have to try and ensure you buy the right annuity type with the right annuity options to provide you with the best and most suitable retirement solution.
The annuity
Looking at an annuity first, you should explore those available that match your individual circumstances. For example, it would be unwise to select a conventional annuity if you are a smoker or suffer from some form of ill health. In such scenarios you should consider an enhanced annuity, or, if you have an illness which might be deemed life threatening, an impaired life annuity. Both pay higher than standard annuity rates and should be looked in to.
On the other hand, you might be prepared to consider an annuity with an investment element, or one with some flexibility. In such cases take a look at the with profits annuity, unit-linked annuity, and variable annuity pages for further information.
The options
Even though there are a variety of annuities to choose from, not to mention the alternatives, the majority of retirees still opt for a straightforward, usually conventional, annuity. Accepting that this is the case, then the correct options need to be considered.
If you are married or have a partner you should investigate a joint life annuity, or a partner’s pension. This will provide your spouse or partner with an annuity income should you unfortunately die prematurely. This is an important option.
Then there is the issue of inflation and the possiblity of having an escalating annuity income. These are all well and good but can have quite an effect on the initial income you receive, and it might take a while to make up the difference. You could look at an inflation proof annuity which increases in payment along with the Retail Prices Index (RPI).
Many retirees consider a guarantee period to be a sensible option, providing a minimum period that an annuity income will be paid, even if you should die early.
Ensure you get the best retirement income
Once you have selected the type of annuity that is best suited to you, with the most appropriate options, you need to do some shopping around to ensure you get the best deal and therefore a better retirement income.
The standard annuity rates, smoker annuity rates, and enhanced annuity rates pages give good examples of the different annuity rates available. Postcode annuities could also effect your retirement income.
