Taking the Open Market Option
As you are about to retire it is vital you not only get the maximum income from your pension, but also that you are advised as to which product is the most suitable for you. Shopping around via the open market option for an annuity can increase your retirement income by as much as 30%. To arrange a free initial discussion at your home, workplace or our offices contact us today.
Standard annuities are based on average life expectancy, currently 84 for men and 86 for women. But, not everyone lives this long, so some providers offer enhanced annuities to people in poor health or with lifestyle conditions that mean they might die earlier. They’re worth considering if you’ve been ill or are a smoker as this too you can increase your annuity income.
Buying an annuity is a way of turning all your pension savings into an income that will last you the rest of your life. From April 2015, you’ve been able to withdraw as much of the money as you want when you reach 55, although it will be taxable as income.
Arranging an annuity is a complicated process, so it’s important to know what you need to do at each stage. And it’s vital that you shop around to get the best annuity rate, as you could miss out on a boost to your income if you fail to do so.
What is an Annuity?
The annuity company will pay you an income for the rest of your life, however long that may be. When they work out how much to pay you, they take into account factors like your age, lifestyle, current and previous medical conditions, state of health and the area demographic of your home.
Buying an annuity is a big decision, so seeking help from an independent financial adviser is essential and not as expensive as you may have been led to believe.
We will research the annuity market for you, and make a recommendation based on your personal needs and objectives. In addition, we will contact your current pension provider for all your policy information, to help you make an informed decision and if you proceed with our recommendation, we’ll ensure that your funds are transferred safely and quickly.
Clifford Osborne are Independent Financial Advisors based in Eastbourne, East Sussex offering Pension Annuity advice. We serve clients in Lewes, Seaford, Bexhill, Hastings, Newhaven, Tunbridge Wells, Brighton, Crowborough & Uckfield. We offer pension advice on pension income options, pension drawdown and more.
For other services such as mortgage advice and investment advice, please contact us for an initial review.
The value of investments can fall as well as rise and you may get back less than you invest.