As we move into another new month what can we expect for the latest annuity rates for September 2010? Many industry experts are saying there will be further cuts in annuity rates from the providers in the coming months.
Have the best annuity rates September 2010 got any hope of increasing?
It seems unlikely that the best annuity rates September 2010 have any hope of increasing. Therefore it makes shopping around for the latest rates even more important.
The average rate for a male aged 65 purchasing a level without guarantee annuity (based on a £10K purchase price) has decreased by 6.3% since last August, whilst the equivalent female annuity has seen a 5.6% reduction over the past year.
The latest reductions mean that the average male annuity rate has dropped by a massive 45.5% over the last 15 years, whilst female rates haven fallen by 41.8%.
Source; www.moneyfacts.co.uk
What can you do to combat the drop in annuity rates in September 2010
We asked independent financial adviser Adam Benson what retirees can do to combat the drop in annuity rates during September 2010, Adam said, “My very simple piece of advice for those approaching retirement in September is to not accept the first quote given to them by their pension company. Everyone has the right to use the ‘open market option’ which gives you the right to take your pension to another provider to buy your annuity.”
Adam also pointed out that only an independent financial adviser can get you the best annuity rates September 2010 because they have access to the entire market. We at annuitysupermarket.com have to agree with Adam and seeking advice can give you a significant boost in retirement income.
