What is an Annuity?
It’s fair to say that unless you are in the industry, most of us know very little about annuities, so it’s quite understandable that when it comes to thinking about retiring, choosing an annuity can seem like a daunting task.
So just what is an annuity and is it really that daunting?
Quite simply an annuity is the name given to the insurance plan that your pension and / or savings are paid into, giving you a guaranteed income for life.
Over the years you may have paid into several pension plans, so it’s important to track them all down. If you are unsure as to whether you have any 'old' pensions from previous employers or pension companies, you can find out by using the Pension Tracing Service a free service provided by the government.
There are several types of annuity to choose from and some important things to take into consideration such as your health and lifestyle which will impact the pension income available, in some cases increasing it by thousands of pounds.
To help guide you through the process, you will find all the information you need at Over50choices with Key Retirement on hand ready to search the market for the best deals.
We make the whole process clear, straightforward and certainly not daunting.
Choosing an Annuity
When it’s time to retire you can do one of three things with your pension fund:
- Do nothing and accept the pension of offer from your employer; certainly the easiest option but one that could see you losing out on valuable pension income
- Get advice from a Financial Adviser; a safe option but you will be charged for this service
- Let Over50choices help you find the best annuity rates with our partners Key Retirement. They will compare the whole of the market for the best rates and see if you qualify for a higher income based on your health and lifestyle. What’s more, you won’t be charged for the service they provide as payment is made from your chosen provider.
To help you see how much extra retirement income you could get, why not use the quick and easy annuities calculator, then if you want more information, the experts at Key Retirement are on hand to help.