|Do annuities still have their place in retirement planning?
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|Author:||admin [ Wed Apr 29, 2015 5:59 pm ]|
|Post subject:||Do annuities still have their place in retirement planning?|
It has emerged this week that the annuity market has taken a devastating blow, with annuity rates falling to their lowest ever levels.
So as annuity rates hit record lows, is there still a place for the product when considering your retirement income planning?
Since 2008 there has been a major decline in annuity rates, with reports showing an almost 30 per cent drop. Even going back as recently as the start of this year, we can see a decline in rates, as the average annual income for a 65-year old with a £10k pension fund has dropped 5.9 per cent, while those with a £50k pension fund will see a 6.4 per cent decline.
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