Workers nearing retirement and looking for the income security provided by an annuity will be disappointed by our research which found that average annual annuity income has fallen by over £1,000 over the last decade.
“Those looking for a guaranteed income during their retirement may be considering an annuity, but over the years this market has contracted significantly and there are only a few providers left in the open market annuity area,” explains Rachel Springall, finance expert at Moneyfacts.co.uk. “As it stands, an annuity for a single life male aged 65 who has a £50,000 lump sum and takes out […]
Full Post at moneyfacts.co.uk