Buying an annuity can be a confusing process, but it is something that will highly benefit you in the long run! It is the best way to turn your hard-earned and long saved for pension into a source of income that will last you for the rest of your life. Many people end up throwing away a great deal of money so by simply shopping around for the right annuity for you, you could manage to increase your retirement income by up to 30% Now that is definitely worth the effort.
The process is complicated and it is therefore of the utmost importance that you know what you are doing at every stage of the process. There are so many different options, so take the time and patience to ensure that you get the absolute best rate to boost your income.
The best way to find what is right for you is to go through an advisor that specializes annuities. An independent advisor will tell you exactly what you need and who can provide it for you, and you can find these online or in directories. You don’t need to go sifting through ’s and books to find the information you need, when a trusted and reliable professional can do the job for you.
So here is the process that you will go through. 6 months before retirement, your pension company will send you a ’wake-up’ pack containing the basics on the annuity. Then 10 weeks before retirement they will send you a ’reminder-pack’ to stress how important it is to choose your annuity. This is a kick up the butt to get searching and the time to contact your advisor.
The advisor will tell you about all of the products out there so you will be sure to find the one that it most suited to you, by the provider most suited to you. You can use the Open Market Option to take your fund to another provider if they offer you a better rate.
You can find lots more information on annuity and other related topics online, and by contacting your pension provider for contacts.
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