The advance of the baby boomer generation is leading to a massive increase in the number of people approaching retirement.
As far as I am concerned our main task is to make sure that our clients who are facing retirement get the maximum income possible. In many cases, this can be as simple as making sure they use their Open Market Option. However, when you take into consideration that many people are affected by lifestyle issues or health conditions the advantages of shopping around become even more compelling. Typically, an enhanced annuity could increase our client’s income by a further 20%, perhaps much more
One in every two
Research from the Association of British Insurers suggests that nearly half of all retirees could improve their income with an enhanced annuity, yet only one in ten actually buy one.
However, with an uplift of perhaps £20 in every £100 offered by a standard life annuity, this has to be a concern. If you smoke or have ever stayed in a hospital or are taking prescribed medication you could qualify.
A range of lifestyle conditions
From simple lifestyle issues such as smoking, alcohol and high blood pressure through to more serious illnesses such as heart disease, cancer and stroke, every piece of information matters. Together, they can make the difference between just getting an income - and getting the significantly uplifted income that these condition mean you deserve.
So the moral of this story is “don’t just take the pension offered by your existing company; take advice and shop around before it is too late”