IFAs can be a BIG help with your Annuity
Retirement should be an enjoyable and relaxing time where one can enjoy the rewards from a life of hard work. For many this may turn out to be the case, but with an ever ageing population and the life expectancy growing each year, retirement is not a time to abandon financial prudence.
One of the key areas where it pays to be on the ball is with purchasing an annuity. Employees who have paid regularly into a long-term and trusted pension scheme may not even realise that there is an open market for annuities and this can cost them hundreds of pounds each year during their retirement.
The difference in annuities
There is no obligation to take out your annuity with the same company you used to build up funds. This open market of annuity can offer tremendous benefits for the consumer if they know what they are doing. In 2011, a typically single life annuity for a male with a value of £100,000 might offer a monthly income of £500 with one provider and £580 with another. The difference is vast but each annuity plan will have its own special terms and conditions that may, or may not make it suitable. This is where an independent financial advisor can really help you to make the most of your retirement.
How an IFA can help
It is a terrible shame that so many people are selling themselves short and missing out on a far more lucrative retirement than they might otherwise have. With the average person likely to soon be working till they are 66 or even 70, it make perfect sense to really take your time over deciding your annuity plan and to consult with a independent financial advisor to make the most of it.
Thinking of Retiring Soon? Have a look at our Annuity Comparison Table