Retirement Planning And Getting The Best Annuity Rates
Retirement planning can be an exciting time for many people who have been working most of their life. It can be a time to plan things you have always dreamed of doing, from traveling to spending more time with family. However, for many people it can also be a worrying time as you are no longer in control of your income. This is why deciding on your annuity is a vital part of retirement planning and without research to find the best life annuity rates, you might end up with less income than you had anticipated.
Buying An Annuity
Buying an annuity isn’t as complicated as you might think. You will probably be offered an annuity quote from your current pension provider and their quote may well be less than you could receive if you searched the open market. In fact in some cases, research shows the first quote you are offered often equates to about 30% less potential retirement income compared to if you sourced the best rate on the open market.
Compare Annuity Rates Using The Form On The Right Or Call An Adviser On 0800 321 3741
Search The Open Market
Searching the open market isn’t complicated either. You can search using the internet which is free and has some handy tools on it such as annuity rates calculators which allow you to access the best life annuity rates on the market.
Get Professional Annuity Advice
You might also want to speak to an annuity adviser who can tell you how the market is shaping up and what kind of quote you can expect to receive. They will be able to tell you if you qualify for enhanced rates. If you are a smoker, you will probably be eligible for enhanced annuity rates as your life expectancy is likely to be shorter than the average person of your age. This means the company can allow an enhanced rate.
A Word From An Annuity Company
One annuity company suggested, “You should find out if you are able to get an enhanced rate even if you don’t think you have a medical condition that would make you eligible. This is because some conditions such as diabetes or even high blood pressure results could allow you to receive an enhanced rate. If you decide to work two or three years more than this will also entitle you to a higher rate as again you will not require the annuity payments for as many years as the average person who retires. Your location might also have an effect on your rates – poorer areas will receive higher or enhanced rates where life expectancy is calculated at being less.”