Here are three simple tips to increase your income in retirement.
1. Use the Open Market Option
The annuity market is very competitive and rates differ between annuity providers. You can substantially increase your pension income by purchasing your annuity from the company which pays the most income. This is called “exercising the Open Market Option.” It costs nothing to take advantage of this option and new rules introduced recently by the FSA mean that insurance companies must tell you about this option.
2. Check if you Qualify for Enhanced Annuity Rates
It is estimated up to 40% qualify for enhanced annuity rates
Examples of some of the conditions that may qualify
- cancer
- heart conditions
- diabetes
- asthma
- obesity
- high blood pressure
- organ transplants
- stroke
- liver disease
- alzheimer’s
- chronic lung disease
- kidney disease
- multiple sclerosis
- Parkinson’s Disease
- or a disease of the central nervous system.
3. Consult an Independent Financial Adviser
An Independent Financial Adviser can search the whole market for the best annuity rates, going direct to your existing pension provider is not normally the best course of action.
For Independent Annuity Advice call 0800 043 0725