Post Retirement
Retirement Annuities are designed to provide you with a regular and guaranteed income for the rest of your life, and if considering this option on retirement, it is important to choose an annuity that reflects your needs and those of your spouse in retirement.
For some people an annuity is the most suitable way to get a pension income during their retirement, especially if they wish to avoid any potential risks in reinvesting their residual retirement fund and the prevailing annuity rates are strong. However, for Defined Contribution type pension funds, annuities should always be compared against an ARF alternative.
Adding a spouse’s pension, guaranteed period, and or inflation protection lowers the original pension payment (annuity). So, again, careful individual assessment and expert financial guidance is needed here.
Post Retirement
If you have a Defined Contribution Pension, (Employer Scheme or Private) then rising interest could certainly make an annuity more attractive, but it should be remembered that annuities end on the death of the annuitant, unless a spouse’s pension (up to 50%) or a guaranteed period (up to 10 years) is built in at set up.
Post Retirement
There are several different annuities available on the market and there are also a range of optional add-ons.
Remember:
Some of the optional extras will affect the level of pension income you receive: the more add-ons you choose, the more it will
cost you and the lower your pension income will be. Make sure to talk to your Financial Broker about what you want to achieve
with your annuity, and they will guide you through the range of options.
Post Retirement
Like all choices in life, Annuities offer both advantages and disadvantages, so we have set out your considerations below:
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11 James’s Terrace, Malahide,
Co. Dublin, K36 CV08
One Quote Financial Brokers Ltd t/a One Quote is regulated by the Central Bank of Ireland no: 459006.
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