As you reach your retirement age you may consider the future and the amount of money you’ve accumulated. The funds in your pension may not singularly dictate the income you receive once your retired. Forward thinking and making informed and knowledgeable choices could make the difference between simply getting by in old age or having a comfortable standard of living.
When it comes to something as important as choosing an annuity its at this point that our Financial advice can become invaluable. Six months before your planned retirement date you’ll receive a “wake up pack” informing you about your options. Your pensions provider will automatically offer you an annuity rate, but understand its not compulsory to accept it, you can question it, look around and consider all your options.
With the majority of today’s pensions you receive a ‘open market option’ or ‘OMO’ and this means you have the option to change your annuity rates and consider moving your pension fund to another pensions provider.
Also consider there is potential for a 20% increase in your pension income dependent on which pension provider your with currently. Who could do with an extra 20% pension income ?
It may also be the case that your entitled to ‘enhanced annuity’ if your not in the best of health. These rates are better as the providers estimate that they can afford to pay better rates over a shorter period of time.
We can help you on the way to choosing the best annuity for your needs and our initial consultation is completely free.
Here’s some stats for you:
According to AGE UK, people are losing out on up to £5,000,000,000 that’s 5 Billion pounds a year by not claiming benefits they are fully entitled to. Such as housing benefit and Council Tax Benefit, its taken your whole life to work and accumulate your pension fund and pay into a system that enables these types of benefits. Why shouldn’t you benefit from the decades of payments into this system ?
Ensure your paying the appropriate amount of Tax, please understand that pensionable people are entitled to “higher tax free allowance” on their income.
With our advice and knowledge you could be looking at a more comfortable future so have us review your Savings and Investment options as we always aim to supply the best financial advice we can to our clients.
Consider all your options, you may feel that buying an annuity is not the best solution for your retirement income. We present you with informed and knowledgeable options and help you to make the right choices for your needs.
You may feel that its better to keep your money invested and draw an income from it. If your considering ‘income draw down’ then you need to monitor how your pension fund is invested we can help here also. For your free initial consultation and for knowledgeable, regulated and qualified advice contact us today !