Make sure you get the best annuity rates by using your Open Market Option. At Retirement Solutions, we can get you the best annuity quotes from the whole market and advice on your eligibility for enhanced annuity rates.
When you reach retirement, you have two main options: the first is to purchase an annuity, or secondly you can defer buying an annuity by taking what is called an Income Drawdown plan. This is sometimes referred to as pension income drawdown or unsecured pension.
An Equity Release Scheme lets you use some of the equity in your home to fund a regular income or to take as tax-free cash to spend as you wish. You release equity and continue to live in your home. To be eligible you must be over 55 and own your own home.
Equity release schemes enable you to use the equity in your home to relieve financial pressure, while enabling you to continue living there.
Long Term Care
You may find as you get older than you require ongoing care. Long term care can be a real financial burden. With a long term care annuity, you can effectively cap the cost of care by paying one lump sum to a provider who will then meet the cost of your care.