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Annuity Age Change Could Cost 16.5k During Retirement
19/08/2010
According to one expert, as a result of the government’s decision to change the obligation to purchase an annuity from age 75 to 77 years, people could lose up to £16,500 during their retirement.
The director of sales and marketing at MGM Advantage, Aston Goodey, said: “Last week the chancellor hit the nail on the head when he referred to the need to restore ‘dignity in retirement. But perhaps the focus should be in ensuring all customers consider their retirement income options, rather than default into a fixed annuity for the rest of their life or delaying a decision that could be costing them money in the long-run?”
This might encourage some homeowners to consider releasing money from their property through equity release.
Homeowners aged over 55 years who would like to know how much money the value of their property could release to help them through their retirement, can find out by contacting therightequityrelease.co.uk for equity release advice.
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