Should you do more than take a pension annuity
Put this another way; is your pension annuity income going to be adequate? Might you have debts to consider? It is likely that most people when retiring won’t have enough income from their pension annuity and from their state pension. This could be made even worse if they have debts to repay on a monthly basis; eating further into their income.
One answer could be to consider equity release. This is the name given to releasing some money from the value of your house, often with no interest repayments until death. Utilising this form of contract is becoming increasingly popular at retirement to help improve life in retirement.
It is not for everyone, and ther are many issues to consider, but equity release and a good pension annuity rate could be a sensible combination.
