The annuity position today
For the individual, annuity planning may simply be effective if sufficient personal and/or occupational arrangements are confirmed. According to the Association of Brit Insurers (ABI), the average allowance fund used to buy an annuity is around £26,000, which would offer an annual salary of less than £1,700 for a 65-year-old man.
Many folks look towardsan early pension buyout plan to enable them to take earlier retirement. As they have dreams, desires and hopes of an early retirement and the resources to travel, enjoy new past-times and spend a little time with their family and friends. However , based totally on this factual info, it may seem that this might be higly unrealistic for the majority of people. There exists the break for people to actively plan for their retirement throughout their working life and to work with a finance expert.
It is recognised that the figures produced by the Association of British Insurance companies might give a false impression in a number of cases, because many have more than one pension fund, but there are several individuals who are reliant on one fund.
Most pensioners see a reduction in income of more than 37 % when they retire; a third will see a reduction of about 50 %.
In February 2007, Credit Action stated that over 50 percent of UK pensioners live on a yearly income of £1 5,000 or less; 1.4m pensioners received £5,000 or less. Many of us find these statistics stunning, but its a particularly accurate of reflection of the annuity landscape in the UK today. It is up to the person to take control to make sure that they have a financially secure retirement.
If you've any questions about pensions or financial guidance, it is almost always recommended to seek expert fianancial guidance from a financial adviser, who can put you on the right path for your financial future.
For the individual, annuity planning may simply be effective if sufficient personal and/or occupational arrangements are confirmed. According to the Association of Brit Insurers (ABI), the average allowance fund used to buy an annuity is around £26,000, which would offer an annual salary of less than £1,700 for a 65-year-old man.
Many folks look towardsan early pension buyout plan to enable them to take earlier retirement. As they have dreams, desires and hopes of an early retirement and the resources to travel, enjoy new past-times and spend a little time with their family and friends. However , based totally on this factual info, it may seem that this might be higly unrealistic for the majority of people. There exists the break for people to actively plan for their retirement throughout their working life and to work with a finance expert.
It is recognised that the figures produced by the Association of British Insurance companies might give a false impression in a number of cases, because many have more than one pension fund, but there are several individuals who are reliant on one fund.
Most pensioners see a reduction in income of more than 37 % when they retire; a third will see a reduction of about 50 %.
In February 2007, Credit Action stated that over 50 percent of UK pensioners live on a yearly income of £1 5,000 or less; 1.4m pensioners received £5,000 or less. Many of us find these statistics stunning, but its a particularly accurate of reflection of the annuity landscape in the UK today. It is up to the person to take control to make sure that they have a financially secure retirement.
If you've any questions about pensions or financial guidance, it is almost always recommended to seek expert fianancial guidance from a financial adviser, who can put you on the right path for your financial future.
About the Author:
Pension Age and Early Retirement are key issues looked at by My UK Pension Plan, an online service which connects individuals with Financial Advisers
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