Annuities for Women
When it comes to purchasing an annuity it can be one of the most important decisions that a person can make and as a result it’s something that takes both time and careful consideration. Regardless of your gender, shopping around for an annuity is an important element of making the right choice and as a result you could find that your annuity income can be greatly increased by finding a company that is tailored to your individual situation.
Does Gender affect my annuity income?
Although gender itself doesn’t have a direct impact on an annuity income, the characteristics exhibited by a certain gender can work against a person. For example, in general annuity incomes are determined by your age, health and lifestyle habits, this could be different regardless of what gender you are and in that respect it may have very little impact on your income. The one exclusion to this is life expectancy and in general, the life expectancy of a woman is higher than that of a man and as a result a woman could be eligible for a lower annuity income as it will be paid for a longer period of time.
How can I find a better annuity rate as a woman?
If you are looking to find a better annuity rate then shopping around using the Open Market Option can be a great way to start, in fact there are many annuity companies which focus specifically on women who may find themselves in this position. By shopping around you could increase your annuity income by at least 15%.
Is this about to change?
Last year there was a great deal of discussion about the EU introducing a rule which would ensure that both men and women were entitled to equal annuity incomes regardless of their sex. In previous years men had tended to receive higher annuity incomes due to their shorter life expectancies, but this is expected to change and as a result single women who are on individual annuity incomes could see their incomes increase to be brought in line with the traditional male annuity income.