I was on the verge of finally purchasing a pension annuity among the many others I have checked earlier, but then I decided to hold off the decision. The reason? I discovered life annuities. To anyone who might think this is common knowledge, I beg your pardon. I have only recently thought about such things as pension annuities due to my recently busy lifestyle.
Anyway, I think it would be worth mentioning that I was frustrated the first time I learned that ill people, smokers, heavy drinkers, etc. would actually be paid more than healthy people. For a person whose paycheck is simply not as big as I would want it to be, this posed a problem. I understand the reason for this mechanic, but still!
Then yesterday, I happened to mention this in passing to an also nearing-retiring friend, and he mentioned life annuities, which I discovered, upon research, is more favorable than the ordinary pension annuity, and that it would be a good way of maximizing one’s pension income. (I also learned something else very interesting: healthy people are the common clients.)
Of course, as I am not an expert in this area and still barely know about it, and so I shall hold off my decision until I consult a professional annuity adviser.