Shopping can actually make you some money!!
If you remember nothing else from this blog, please remember this – Shop around for your annuity income.
Depending on the type of pension scheme the money is coming from, you will generally be able to boost your retirement income significantly. The easy thing to do when the paperwork lands on your doorstep is to tick a few options and sign on the dotted line. The majority of us are guilty of doing this for various reasons. By accepting the first offer laid on the table you are potentially locking yourself into a poor deal for the rest of your life. Take your time, understand all the paperwork, ask any questions you might have and make a few phone calls.
The number one annuity provider in the UK changes virtually on a daily basis and the income quoted from number 1 in the rankings and number 6 could be as much as £500 per year. Over 20 years that equates to £10,000.
Why would you not shop around?