subject: Acquire the greatest income in retirement by comparing pension companies [print this page] A tranquil and harmonious retirement is ideally something we all want to secure once we stop working. One aspect which will determine your level of enjoyment is the return you make from an annuity.
An annuity is something the majority of us don't consider until we reach retirement as we simply don't have time. There are many reasons why we don't think about annuities in working life such as.... lack of knowledge, lack of comprehension and laziness.
To many in the retirement industry this can seem quite shocking as acquiring the highest annuity can result in income increases as high as thirty percent or so.
The first dilemma to solve when looking for an annuity is.... where can I go the locate the best annuity rates? There are tens of starting points when it comes to getting an annuity including... the company you built the fund with, financial advisers or an annuity broker. Each of these has there pros and cons, so make sure you choose the option which is right for you.
You might seem a bit bewildered with all this information, but getting the right advice is crucial when looking for a pension annuity. If you choose to not shop around for an annuity you could miss out on a higher standard of living when retired. Many who took the first offer annuity are now wishing they had compare pension providers.
Some of these annuitants could have even been eligible for an annuity with built in enhancements, which could mean they are missing out on a potentially higher income. It is worth saying however that the 40% increment is really only afforded to those with serious medical conditions. Here are a selection of medical conditions which can equate to higher rates... Multiple Sclerosis, Rheumatoid Arthritis and Asthma.
You could be of the mind that.... 'I have not had a heart attack or serious illness'. Even you've not been impacted by an illness like this you could still be entitled to an annuity that is better than a conventional annuity. Commonly you will be offered better rates if there is evidence you smoke cigarettes, cigars or a pipe on a regular basis. The lesson here is that you must inform your annuity company of any legitimate reason why your life expectancy could be reduced.
The explanation of why insurers offer better deals to those with illnesses is that they will have to pay out for a shorter number of years.
So to avoid being one of those retirees who miss the opportunity of earning a higher annuity payout, contact some insurers today.
Acquire the greatest income in retirement by comparing pension companies
By: Simon Rattray
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