If you are approaching retirement and are considering applying for an annuity, but you have never paid into a pension fund, then fear not as you can still apply through a purchased life annuity.
In general, the typical lifetime allowance is the maximum amount of pension you can save without having to incur a tax charge, which usually applies to your entire pension saving excluding the state pension.
If you are considering setting up an annuity to ensure you have financial stability during your retirement years then the chances are you will opt for a conventional pension annuity, which is currently the most common annuity purchased by people retiring in the UK today
You will often find that the hardest decision is usually the simplest and that is the case when it comes to choosing an annuity provider.
As we get older and start to approach retirement age it is important that we start to think our future more economically, because although you may be receiving a stable income now there is no telling what the future may hold.
f you are considering applying for an annuity once you have reached retirement age but you are worried about the implications, then it is important to take into account all the options you have available to you before settling on a decision.
When it comes to selecting an annuity there are a number of important elements that need to be taken into consideration such is your health background and your lifestyle – both of which are major influences on what type of annuity you should consider.
Annuities are fast becoming an increasingly popular option among retirees as they provide them with the security and funds they need to see out their retirement.
There are a number of people who could potentially benefit from an enhanced annuity, but more than likely it will be people who are suffering from poor health and perhaps in financial turmoil. An enhanced annuity works on the basis that if you have a medical condition you’ll have a shorter life expectancy than someone [...]
Once you reach retirement age, it’s always useful to have one eye on the future because once your working income has expired it can be difficult to ensure your financial stability. Although you may have saved up and paid into a pension throughout your working life, it can be quite risky to simply keep dipping [...]