Life after Retirement – Make Sure You Get the Best Annuity Rates

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What you do in retirement depends on your interests, your means, and your health. It used to be the word "retirement" meant that you spent the rest of your years gardening, growing tomatoes and digging the weeds. Nowadays, "retirement" is really a misnomer; it can be one of the most productive, fulfilling times of our lives.

One of the important things to think about and indeed one of the most worrying subjects for retirees is how will you manage your income in retirement. There have been recent reports in the press stating that worrying about finances is making many retired people unwell.

The important thing is make sure before you retire that you ensure you plan your finances, make sure if you are buying an annuity with your pension that you get the best annuity rates you can. The shocking statistic is that 62% of retirees do not even shop around to find the best annuity; instead they just return the paperwork to their existing pension company.

Shopping around and using the open market option can increase your retirement income by as much as 60% if you have serious health problems and it is not uncommon to get an additional 17% by just shopping around in the first place. The difference in retirement income between the best and worst annuity providers can be significant.

If you use a financial adviser he/she will also check to see if you qualify for enhanced annuity rates. Enhanced annuity rates can be obtained even for Body Mass Index (BMI), which is height and weight to you and me. A financial adviser will use an annuity calculator to find you the best annuity rates; they also have access to annuity rates not available to the general public through specialist annuity firms.

If you want life after retirement to be the life you deserve then make sure you get the best annuity rates. Use a financial adviser and your right to the open market option.

Article Source: http://depositarticles.com/

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