A retirement calculator can help you find the best annuity rates using your open market option. Using a retirement calculator takes your pension fund and returns the amount of annuity income that the fund would produce if you retired.
The age you retire affects the calculations because as you would expect the payments from a retirement annuity are paid for the rest of your life, therefore the earlier you retire the longer they are likely to be paid out for.
Retirement Calculator for annuity rates 2010
There has been a lot of pressure on annuity rates 2010 and using a retirement calculator today does not mean you will get the same result in a month or longer. This is because annuity rates change all the time, sometimes because of interest rate changes, sometimes as a result of government gilt price changes and sometimes because an annuity provider no longer wishes to remain competitive in a certain sector.
An important feature of the retirement calculator is that it can also show you the difference between standard annuity rates and enhanced/impaired annuity rates. These enhanced annuity rates will show in the results if you tick the box for poor health. The thing to remember about any calculator is that it cannot replace an underwriter, an underwriter can look at the medication you are taking and any other information you have provided and give you the annuity rate.
Use the retirement calculator and then go and seek the advice from an annuity specialist.