7FP, The Old Brewery, Castle Eden, TS27 4SU
What is an Annuity?
An annuity is where your pension buys you a fixed income for life, You convert your pension into a regular income stream with no investment risk and in most cases guaranteed for life. Most recently annuity rates have increased in value due to an increase in interest rates meaning you could get a great deal.
Single or Joint Annuities
A single annuity provides income only for one individual, usually the person who purchased it.
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This can be suitable for those who are single or don't require income for their partner. However, it's worth noting that if the annuity holder passes away, the income payments typically stop.
On the other hand, a joint annuity covers two lives, usually a couple.
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This means that even after one partner passes away, the surviving partner continues receiving the income. However, the initial income amount may be lower compared to a single annuity due to the extended duration of payments.
Speak to a Chartered Financial Planner about your options in retirement.
Retirement can seem daunting, but it doesn't have to be.
We want to help people with their retirement planning, so they have one less thing to think about. We take away the stress of financial planning and leave you to get on with the stuff that matters to you.
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Speak to us today to book in an initial meeting where we can help you work out if an annuity would be the right option for you.
