A successful retirement means having the money to maintain the lifestyle you desire, and our local annuity planners understand that means achieving maximum return for your investment on every hard-earned penny. With the right annuity advice, your dream retirement could be a lot more achievable than you think, so contact us today to arrange an annuity consultation with The Financial Advice Experts.
What is an Annuity?
An annuity is like an insurance policy, but instead of only being able to claim if something goes wrong, you get a regular income for the rest of your life.
Annuity companies are vastly different with the types of annuities they offer. Before deciding which type of annuity is best for you, or even if it is the right retirement investment for your circumstances, talk to a local annuity consultant.
When shopping around for an annuity, you need to consider:
- The income you will receive.
- Whether, in the event of your death, you want your annuity to provide in income for your spouse.
- Your health and life expectancy.
- Your age.
All of these factors will impact the amount you need to contribute compared with the income your annuity will generate.
How to Choose the Right Annuity
Once you have taken retirement advice and decided that you want an annuity, it is time to find the right product. You do not have to buy your annuity from your pension provider; you have a wide choice of annuity firms to choose from.
Look first at the type annuity you want, whether it is a simple annuity that ends on your death, or a joint-life annuity that will continue to pay a lesser amount to your spouse or partner after you have gone
There are four main types of annuities:
- A Standard or Conventional Annuity pays a fixed income for the rest of your life. You know exactly what you will receive and when payments will be made, giving you the security of a guaranteed income during your retirement. You will not be affected by any market fluctuations, but depending on the conditions of your annuity you may not be protected from inflation.
- An Enhanced Annuity takes into account any medical conditions you have, whether you smoke, and whether you are significantly overweight. These conditions may entitle you to higher annuity payments.
- A Fixed Term Annuity ends after a specific period, for example, 10 years. In addition to regular annuity payments during this time, you receive a guaranteed capital payment at the end of the period.
- An Investment Linked Annuity carries a higher risk than a Standard Annuity, as your income is linked to stock market investments and can fluctuate.
Consider, too, the way in which your annuity will be paid. At The Financial Advice Experts, we consider every element, including how your retirement income will be taxed, to ensure you achieve your maximum retirement income.
Unlike health insurance, it can benefit you to have a medical condition or unhealthy lifestyle, as this may qualify you for an enhanced annuity which will pay you a higher income than a standard annuity.
Once you have narrowed down your search, ask your annuity advisor for an annuity comparison to identify the annuity product that best suits your needs. Finally, compare this projected income with other types of annuity investments to ensure that an annuity offers you the best return on your income.
Contact The Financial Advice Experts today to arrange a discussion with your local annuity consultant. Being independent financial advisors means that can give you impartial advice that encompasses products from all annuity firms so that you can feel confident you have all the information you need when annuity planning.
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