In your 70’s, the best pension annuity rates are enhanced annuity rates, or at least they will be the best annuity rates available for many people of that age group. You always need to make sure you search for the best pension annuity rates on the open market, and don’t just take the quote offered by your pension provider. If in your 70s, though, you are more than likely to qualify for enhanced annuity rates or impaired life annuity rates, if you suffer from ill health or have a poor lifestyle. Make sure you consult a specialist adviser who can help to find the deal for you.
Being older generally means that the best pension annuity rates, enhanced or not, are usually higher anyway. However, if you do have ill health, take prescribed medication, or if you have been hospitalised for a serious condition, one or more of which is likely at that age, then you will get a much higher retirement income. Possibly 30%-50% higher, depending on your particular circumstances. Don’t miss out on what could be a substantial hike in income in your later years.