Everything You Need To Know About Debt

Many Could Get Higher Pension Annuity Rates

According to experts, millions of people in the UK could benefit from higher annuity rates with an enhanced annuity. They could get significantly higher retirement incomes, if only they knew. These people are missing out on enhanced Β­annuity rates which could mean the difference between a financially comfortable retirement or one teetering on poverty. Recent data shows that around 70% of those approaching their retirement would be entitled to higher incomes but last year only 2% actually applied for them. More minor medical conditions or lifestyle issues such as smoking are sufficient for annuity providers to pay out more.

Impaired Life and Enhanced Annuities

Impaired life annuities pay a regular income for the rest of your life in the same way as lifetime annuities do. However, they pay a higher retirement income to those suffering from various medical conditions on the basis that they have a lower than average life expectancy. Medical conditions include high blood pressure, asthma, diabetes, heart conditions, kidney conditions, various cancers, and multiple sclerosis (MS), amongst many, many, others. In fact, there are literally hundreds of conditions that can be taken into consideration, although impaired life annuities apply to those with more serious medical conditions – unlike enhanced annuities which pick up those people with more mild medical conditions or lifestyle issues.

Conventional Annuity Rates or Enhanced Annuity Rates

Conventional annuity rates or enhanced annuity rates, that is the question, and what a question it is. How significant the answer is. Do you buy a conventional annuity based on standard annuity rates or do you buy an enhanced annuity offering you higher annuity rates? Well, it all depends on your circumstances, as these will lead you towards buying the right annuity for your all important retirement income – an income which might have to last you many years in retirement.

Questions for Enhanced Annuity Rates

Nigel Barlow, director of Partnership, a leading provider of enhanced annuity rates, highlights how asking additional questions about a client’s state of health can lead to further increases in retirement income. The growth of the enhanced annuity market is now well documented. From a very low base, the proportion of people obtaining a higher retirement income because of their state of health has risen to around 18% of the total number of annuities bought at the end of 2011, and it is recognised that there is still more potential for growth.

Pension Annuity Legislation

The government is looking to introduce new pension annuity legislation to deal with smaller pension funds, which do not actually qualify for trivial commutation, and a number of annuity providers have suggested various ways in which they could handle these smaller funds profitably – often by completely ignoring the various options available to their many policyholders. Certainly it is quite difficult for most independent financial advisers (IFAs) to cover costs on a pension annuity with a purchase price below the 30,000 pounds level. However, we have recently seen the emergence of various mechanised services (online) which are able to provide the…

Why You Need To Manage Your Personal Finances

When personal finances are evaluated on a short term basis, the importance of managing them well doesn’t really come into perspective. It is only after you analyze the issue with a long term perspective and with regard to the future that you realize how important it is.

My Brother’s Question

My brother sent me a link to an article on retirement spending the other day with the comment, “I am sure you will not agree.” The gist of the article was that household spending peaks between ages 45-54 and then falls throughout the rest of our life (after kids have left, home is paid off, etc.). The implication here is that you might be able to save less for retirement than what many financial advisors may suggest. I called my brother back to let him know that I agreed with the article, which of course threw him for a loop since brothers are not supposed to agree. But I also shared a different viewpoint that we see with clients a frontline perspective.

Tax Savings With a Health Savings Account – Smart Choice!

Health Savings Accounts have not been around for very long, but they offer a great opportunity for tax-deferred savings. In addition, investors who open an HSA account may find themselves in better control of their health care expenditures.

RRSP’s – The Good, the Bad and the Ugly!

RRSP’s were created in 1957 even before we had a public pension plan. Even back then the intent of the registered retirement savings plan was to be the “foundation” or “pillar” of one’s retirement planning. The idea was to encourage saving by letting you put off paying taxes on those savings until you retire – a time when most people are in a lower tax bracket than during their working years.

Why You Must Have a Clear and Written Plan for Your Personal Finance Planning Success

Good personal finance planning will never happen as a result of managing your financial life by the urgency of the moment or by what is urgent instead of what is important. As you know, success at anything, especially in the effective management of money, requires…

How Precious Metals Appreciate Over Time

There are many different ways to go about investing in your future, and although the most commonly thought of investment option is stocks and bonds, there are several others, many of which can prove more valuable, over time. One of these investment options is precious metals.

Securing Futures With Money and Planned Investments

Life annuity and deferred annuity are not exactly similar. But they are ways of investing and getting good returns at the time of need. In life annuity you first pays a lump sum and get a regular flow of money till the death of the annuitant and in deferred annuity you get your payment only when you wish to receive it.

Expat Medical Insurance – Don’t Leave Your Health to Chance

When you’re an expat, medical insurance really shouldn’t be ignored. If you’re looking for the best level of cover at a decent rate, speaking to an independent financial adviser could be the best decision you’ve made to date.

Why You Need a Percentage Calculator

A percentage calculator can be handy on a great many occasions in one’s daily life. Such a calculator program may be employed to provide assistance with everyday functions. You could take the example of a trip to the store where you are trying to maximize special discounts or coupons.

Steps to Be Followed Before Investing Into the Lifetime Annuity

Annuity plans are popular all around the globe among the people who are retired. Retired people mostly opt for these plans to live a stress free life. These schemes ensure fixed amount for the people till they live.

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