Regular retirement income for life or for a set period
\nAn annuity is a type of retirement income product that you buy with some or all of your pension pot. It pays a regular retirement income either for life or for a set period.<\/p>\n
Annuities \u2013 the basics<\/strong> They include:<\/strong> When you use money from your pension pot to buy an annuity, you can take up to a quarter of the amount as tax-free cash. You then use the rest to buy the annuity, and the income you receive is taxed as normal income.<\/p>\n How much retirement income you will get from an annuity \u2013 and for how long \u2013 will depend on:<\/strong><\/p>\n \u2022 How old you are when you buy your annuity Once you buy an annuity you can’t change your mind, so it’s important to obtain professional financial advice before committing to one.<\/p>\n Higher income for medical conditions or unhealthy lifestyle<\/strong> Your other retirement income options<\/strong> Regular retirement income for life or for a set period An annuity is a type of retirement income product that you buy with some or all of your pension pot. It pays a regular retirement income either for life or for a set period.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"_links":{"self":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1356"}],"collection":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1356"}],"version-history":[{"count":0,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/posts\/1356\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1356"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1356"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vizionwealth.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1356"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nAnnuities are retirement income products sold by insurance companies.<\/p>\n
\n\u2022 Lifetime annuities \u2013 which pay you an
\nincome for life, and will pay a nominated beneficiary an income for
\nlife after you die if you choose this option; they include basic lifetime annuities and investment-linked annuities
\n\u2022 Fixed-term annuities \u2013 which pay an income for a set period, usually five or ten years, and then a ‘maturity amount’ at the end that you can use to buy another retirement income product or take as cash<\/p>\n
\n\u2022 How big your pension pot is
\n\u2022 Your health and lifestyle
\n\u2022 Annuity rates at the time you buy
\n\u2022 Which annuity type, income options and features you choose
\n\u2022 Where you expect to live when you retire<\/p>\n
\nIf you have a medical condition, are overweight or smoke, you may be able to get a higher income by opting for an ‘enhanced’ or ‘impaired life’ annuity. Not all providers offer these so be sure to shop around if you think you might benefit from one.<\/p>\n
\nAn annuity is just one of several options you have for using your pension pot to provide a retirement income.<\/p>\n","protected":false},"excerpt":{"rendered":"