Nearly one million (990,000) pre-retirees, those aged over 55 and still in work, are considering annuities for the first time in preparation for their retirement, according to research from Legal & General Retail.
One in six people approaching retirement but still working (16%) are looking at the product due to improved rates against the backdrop of rising living costs. This is in addition to the 828,000 (14%) of working over 55s who had always planned to buy an annuity in retirement.
Aside from the improvement in rates (18%), people considering an annuity are drawn by the stability of a guaranteed income […]
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