As we are living for longer, planning properly for financial security during old age is becoming increasingly important. It really is imperative to consider all the alternatives carefully and choose products and investments that will help you optimise your savings and assets. A large proportion of people buy an annuity to turn their pension savings into a steady guaranteed income during retirement. There are many different types of annuities, and several annuity providers. So rather than take the first offer that is made to you by your pension provider, it is advisable to explore the Annuity Open Market and make an informed and well considered decision.
The best place to look for more information about different annuities and how they work is of course the internet, where you can access lots of information about all things annuity related. You can find information on websites of annuity companies, as well as from independent charities and organisations working in the area of retirement finance. Once you have gained some knowledge about the different options available in the annuity open market, you will want to compare different products in order to make the right choice.
There are many comparison websites out there that allow you to compare different utilities, services and products – and the same is true of annuities as well. Today, you can find a number of annuity comparison websites that allow you to compare products from the entire annuity open market. Most websites are free, however, some websites may charge a fee should you decide to buy an annuity through the website at the end of your search.
Some websites offer comprehensive financial advice, tools and other resources to help understand different products and make informed decisions. The newest addition to such websites is Hargreaves Lansdown, which has an entire section on retirement planning, financial products for the retirement sector, as well as an online pension calculator that lets you explore the pension and annuity open market, and calculate the maximum income you could generate. The pension calculator is among other tools like the annuity delay calculator.
Another familiar name has recently been added to the annuity open market and this is Tesco. If recent news reports are to be trusted, Tesco are set to enter the annuity market with its own annuity product in the near future. They are also planning to launch their very own online annuity comparison tool that can help customers compare different annuities and choose one to suit their needs.