Most of us often think that retirement is the time that they will finally rest and enjoy their remaining life, but finding the best enhanced annuity rates can sometimes prove difficult and hard to crack especially during the current tough economic crisis.
Today, it is very common for retirees to be forced to take little pension income that what they had previously expected. Although this is worrying, there is still a way out. You can take certain simple procedures to ensure that enhance your annuity even during tough economic crisis. The following are some of the steps that will help maximize your annuity.
You have to declare your health
Declaring your health will help you access certain privileges and thus enhance your annuity. You can get an enhance annuity if you are under medication, you are a smoker, or if you have any other health condition. Your will be based on how long you will be surviving before you pass away. If you are likely to pass away sooner, you will have a more enhanced annuity compared to a person who will around for longer time.
Ensure that you shop around
Just like any other financial product, it is always best to shop around before buying it. Shopping around helps you to get the best annuity, you have the chance to compare various annuities before deciding on a particular one. Do not plump for what your pension provider is offering to you, because you can always turn back to it if that it was the best deal compared to the rest of the annuity provided.
Track all the previous old pension schemes
This applies to those who have changed their jobs throughout their career. If you frequently changed your job when you were still working, make sure you track down any amount you ever paid in different pension schemes. Tracking down your entire old pension schemes will help you gather any amount you ever paid while you were still working, thus enhancing your annuity. You will definitely loss out if you do not track all your payments.
Life expectancy also plays a factor towards enhanced annuity. Generally male have low life expectancy compared to female, this means that male are likely to enjoy better annuity compared to female, however, this will soon be cut off when distinguishing between sexes will be eliminated later in the year. Male might consider taking advantage to get enhanced annuity while the distinguishing still exist.
You can also seek pension advice from an independent pension company on choosing the right option of income during your lifetime. They will guide you through your retirement options and pension income and help you find the best deal for your money. With an expert advice from independent pension companies you can secure financially comfortable retirement years.
If you delay on buying an annuity, opt for delayed retirement’s altogether, take pension drawdown or stagger your pension income purchase for a better annuity.