How To Get The Best Annuity Rates

Once you retire it can be hard to make sure your savings last for the length of your retirement

, but an annuity can help you achieve this. Retired people have the most to gain from purchasing annuities, although people of any age can buy them. Annuities take the hassle out of ensuring your money lasts long enough, by providing you with a regular monthly payment for a one off sum.

Annuity rates are often offered by pension providers once their customers reach retirement age. People often accept their providers offer because, until a short time ago, you would have had no choice. However, investors now have the option to shop around for annuity rates thanks to new regulations.

The Open Market Option (or OMO) offers customers the chance to search each annuity provider for the most suitable option for them. The Association of British Insurers undertook research in 2007 which found that 61% of investors missed out on the opportunity to shop around, by taking the first rate offered to them.

Newly introduced regulations by the FSA have given investors new rights to look around for the best rates for their money. Your financial situation will rely on your annuity payments in later life, so it is important to select the best rate for you. A search engine like annuityrates.co.uk will ask you a couple of questions, before listing the best annuity rates for you. After just a couple of minutes they will list the annuity rates available to you, both classic annuities and enhanced annuities which are suitable for those with a shorter lifespan.

It is incredibly important to select the best annuity rate for you, as purchasing an annuity will secure your retirement finances. The Open Market Option can be the best way to ensure you're getting the most out of your money.

by: Annie Newton

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