A Lifetime Annuity, once purchased will tie you in to one shape of income for the rest of your life. Called lifetime annuities because they pay an income for the rest of your life no matter how long you might live.
The advantages of lifetime annuities are obvious, the guaranteed income they offer. The disadvantage is not so obvious, which is the fact that the income shape cannot change if your requirements change. Retirees like the guaranteed income offered by a Lifetime Annuity, but perhaps they would prefer a plan that can be reviewed in the future as they expect their income needs to change.
There are plans that can do this today. As may retirees anticipate inheriting from elderly parents in the next few years and so they may not need quite as much income later on in retirement as they do now. A plan more flexible than the lifetime annuity may be required, one that could be reviewed say every 3 years.
Who provides lifetime annuities?
Prudential and Aviva are among the largest as well as Legal & General and Aegon.
These plans are available today and to find out more call us or fill in our web form.