Here we are in a new year and an increasing number of the population about to retire. There is expected to be record numbers of people turn 65 in 2011 and purchase annuity rates. According to figures released by the Department of Work and Pensions the number will be around 658,000.
Until the point they retire those approaching retirement usually have no idea what to expect when they exchange their pension to buy an annuity. Many are most probably shocked when they see how little their pension fund will buy them as an income. Annuity rates are the lowest they have been for decades and are not expected to get any better in 2011.
Seeking the advice of an independent financial adviser (IFA) can help you increase your pension income by as much as 40% for those that have serious health issues. Some annuity providers say that as many as 60% of those approaching retirement could qualify for enhanced annuities. Here at retirementsolutions.co.uk we asked IFA Adam Benson, what sort of conditions can get higher annuity rates? Adam said, “The bulk of retirees that we speak to have some form of high blood pressure or high cholesterol which when combined can get good enhancements to retirement income. Also, things like diabetes can good enhancements, perhaps shockimgly smokers can often get a 15-20% enhancement to thier annuity rates”.
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