When you reach your retirement age you not only have to consider buying the best annuities now for your retirement income then but also in the future. Retirement might last 20 or 30 years and you need to consider will you have sufficient income at this time to continue to live comfortably?

What about your dependants?

You should also consider your dependents and how will they manage. You may find the best annuities today for yourself, but if you died how would they cope financially? It is vital to ensure that provision is made for your dependants within your pension.

Some of the things you have to consider when buying the best annuities are:-

• Annuity rates. Are they on the decline or are they likely to rise in the future, is now a good time to buy annuities?
• If you buy an annuity now will it still be the right choice in 10 years or even 20 years’ time, what is the longevity of your chosen financial solution?
• Your dependents. How will you support them during your retirement and what will happen to them, financially, upon your death.
• Do you need the flexibility to change your retirement income, to increase or decrease income as your life changes during retirement.
• Do you want absolute guarantees from your retirement income?
• How much can you, or do you want to, spend looking after investments or reviewing your retirement income?
• How good is your health? Are you a smoker or do you take any prescribed medication that might qualify for enhanced annuities.
• What happens to your money upon your death?

The solution you decide upon should take all of the above into account.

You then have to consider the shape of the best annuities

Do you buy joint life so your spouse can retain the income or a portion of it after your death or do you buy single life and maximise the income from day one. This choice will depend if your spouse has their own pension, if they do then this option may not be necessary.

Payment Frequency

Your annuity will pay you a regular, taxable income for the rest of your life. But the frequency of these payments can vary and your preferred option will depend upon how you manage your finances. The common options are, monthly, quarterly, every six months or each year.

Get expert help to choose the best annuities

There are so many things to consider and it all will seems very confusing, there will be words and jargon you have never heard before. To make life easier it may be your best option to seek the help and guidance of an independent financial adviser and preferably one that specialises in retirement income solutions. The adviser will go through a thorough fact find of your circumstances and ask you questions about your medical history to check if you qualify for enhanced annuities which could further increase the retirement income you will receive. After this the adviser will make a recommendation of the product he feels will provide the best annuity income for your personal circumstances.

Find out more about how to find the best annuities and using an expert financial adviser. For more details please visit our website www.annuities4u.com