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Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
Tips for buying an annuity
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Tips for buying an annuity

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See what factors can affect your annuity rate.

See what factors can affect your annuity rate.

Published in: Economy & Finance, Business
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  • 1. Tips For Buying Annuities By Get Annuity – September 2013 http://getannuity.co.uk
  • 2. Introduction • Annuities are a retirement income that is offered in exchange for your pension savings by an insurance company. • Typically, they offer you a guaranteed income in return for those savings regardless of the age that you live to. • Annuities are the most popular form of retirement income.
  • 3. 5 factors that affect your annuity rate • 1. POSTCODE • Where you live can not only affect car insurance, but also the rate offered to you for an annuity. • Better rates will be offered in areas of lower mortality. EG. A higher rate offered in Glasgow over Knightsbridge, London
  • 4. 5 factors that affect your annuity rate • 2. YOUR SAVINGS • Seems pretty obvious, but the bigger your pension pot, then the more retirement income you will receive but you may also receive a slightly better rate. • With a large pension pot, it is still important to shop around as the rate offered can still affect your retirement lifestyle.
  • 5. 5 factors that affect your annuity rate • 3. YOUR HEALTH • If you are in poor health, you may be entitled to an enhanced annuity, which will offer a higher rate based on the lower likelihood of a long life expectancy. • Over 70% of retirees are currently eligible for an enhanced annuity.
  • 6. 5 factors that affect your annuity rate • 4. GOVERNMENT GILTS • The current low interest rates on annuities can be mostly blamed to the low yield on Government GILTS. • Insurance companies buy GILTs to fund annuities, hence the knock on effect. • High GILT rates = higher annuities.
  • 7. 5 factors that affect annuity rates • 5. OPEN MARKET OPTION • Just like car insurance, insurance providers offer different rates. • Shopping around for the best rate is crucial to making the most of your retirement income. • Always seek advice from an IFA.
  • 8. Summary • Always shop around with your Open Market Option • Compare annuity rates or speak to an IFA • Try http://getannuity.co.uk for more details and to compare rates.

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