Are you one of the 75% who will miss out on additional income in retirement?
MGM advantage have recently issued some astounding research which highlights the lack of understanding people have when they come to retire. The research discovered that nearly three-quarters of adults in the UK aged over 55 are totally unaware of the fact that certain medical conditions could mean that they are entitled to a higher level of income when they retire.
Enhanced annuities are available to individuals with unhealthy lifestyles, such as smokers, or with health problems, or more serious medical conditions such as cancer. The rates you receive can be as much as 20 per cent greater than you would receive with a standard annuities because life expectancy is expected to be substantially less than average and therefore the total paid out by the annuity provider will be less.
So what are the learning’s, get a health check prior to retirement, which is probably a sensible thing to do for your wellbeing, as well as your annuity rate and also make sure that you seek the appropriate financial advice to make sure that you are getting the best annuity for your individual circumstances.
Author: Robert Trapnell- Right Retirement
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