Annuity Rates At A 15 Year Low - What You Can Do To Help Yourself At Retirement

June 10, 2011 - PRLog -- The latest statistical research figures show that annuity rates are on a 15 year low with the economic downfall being blamed. Many financial advisers are urging people facing retirement to exercise their right to use the open market option to make well informed, financially savvy decisions which attract the best annuity rates.

Unfortunately many people are still not listening to this advice and as a result will probably settle for the first quote they are offered rather than shopping around for a better deal. The first quote received is usually offered by your current insurance company and equates to, on average, 30% of the potential income you might receive if you shopped around.

A Financial institution commented, “With more access to information than ever before it is vital that investors shop around for attractive rates. You may discover you are entitled to enhanced annuity rates which could make your annuity even more attractive.”

The internet has proven very effective for research purposes, particularly when it comes to annuity rates. This is because not only can you gain a lot of useful information on annuities, types of annuities and various pension companies, you can also use valuable tools such as an annuity rates calculator to help you realize the potential of your pension so far which factors in variables such as your age, location and medical history.

Because annuities are based on life expectancies, the later you are when you retire, the less income the pension company calculates they will need to provide for you. This effectively means that you will receive higher rates and a more attractive deal. Therefore an online calculator can help you work out how much a couple of extra years working would benefit your situation.

Although the annuity market has yet to pick up at the moment, the value of searching for an annuity online helps to combat these issues as you can secure a much more attractive rate for your hard earned cash. The cash you have accumulated throughout your working life, along with any extra money you wish to contribute, is used to buy this annuity. This is why anyone facing retirement and looking into annuities should ensure that they make the best financial decisions for their money – which essentially has an effect on their retirement planning and the rest of their life.

Reference:
http://www.annuitiesadvice.co.uk/annuity-rates.html
http://www.annuitiesadvice.co.uk/fixed-term-annuities.html

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Retirement planning specialists and financial advisers able to offer pension and annuities advice with a free online annuity rates calculator so you can compare the market.
http://www.annuitiesadvice.co.uk