Did you know that shopping around when looking for an annuity boots your income by almost a third? Well, you do now.
Failing to shop around through the annuity process could jeopardise you receiving the best annuity rates in the UK. Which? has found that those who shop around for the best annuity rates are more likely to land an extra 20% year on year in their income, sometimes even greater than this.
You could also be choosing the worst annuity rate by opting for the first one you receive so in this case you could be gaining an extra 31% on your retirement income. Annuity rates can differ provider to provider, and you should explore as many as possible in order to get the best quote.
This percentage could also be affected for those that are in ill-health too. For example, someone that has smoked for a long time, say ten years, and has been impaired by lung disease could actually see a huge 47% difference in their retirement income if comparing the worst and the best pension annuity rates and quotes.
Annuity rates, in general, are deemed to be on the up, so these digits could be affected even more, which emphasises the huge need to browse the internet and your options in order to have the best retirement you can.
Do your research and speak to as many people or companies as you can, you never know, you might have missed the company that offers the best rate.