A pleasant retirement is something we all want to arrange as soon as we terminate our working life. One major factor which impacts ones retirement is the payment level you acquire from an annuity.
This is something we don’t think about until we reach retirement and it suddenly becomes important. Some of the reasons why we don’t think about an annuity include… being impassive, economic pressures and sheer ignorance.
To many in the retirement industry this can seem quite shocking as finding the right annuity can mean increasing your income by as much as 30% or more.
The foremost question that many retirees ask themselves is… where should I go to secure annuity rates? There are a number of places to start when looking for the best annuity such as… your current pension firm, an IFA or an annuity specialist. Each of these has there pros and cons, so be certain you select the most suitable option for your circumstances.
You might think that this sounds like a lot of hard work on your part, but securing the most appropriate advice is crucial when looking for pension annuities. If you choose to not shop around for an annuity you could miss out on a more prosperous retirement. Millions of people who get an annuity without checking other providers think afterwards if only I had decided to compare pension providers.
A number of these retirees might have also been in line for an impaired life annuity, which could have the result of them now missing out on a better income in retirement. It should be said though that the 30% income boost is only offered to those with serious medical conditions. These can include a range of problems including…. heart attacks, high blood pressure and obesity.
You could be of the mind that…. ‘I have not had a heart attack or serious illness’. Even if you’ve never had to suffer in this way you might just still be offered an enhanced annuity due to other reasons. Commonly you will be offered better rates if there is evidence you smoke cigarettes, cigars or a pipe on a regular basis. The thing to note here is that you should declare to your annuity provider of any legitimate reason why your life expectancy could be reduced.
The thinking behind why annuity providers give better rates in this instance is that they will have to pay out for a shorter number of years.
So to make sure you don’t skip the chance of getting a better income from retirement, compare pension annuities today.
