If you live in Surrey and you are approaching retirement, this blog could make you wealthier in later life.
Some new research from annuity provider Partnership has found that those retiring in the wealthiest parts of England can benefit the most from enhanced annuities.
This is because standard annuity rates tend to be lower for those living in the most affluent areas and the uplift from enhanced annuities is therefore greater.
With Surrey as one of the wealthiest counties in England, many annuity providers automatically assume a better life expectancy. So declaring medical or underlying health conditions when you are shopping around for an annuity at retirement can result in a big uplift to your pension income.
Partnership gave the example of someone living in the Surrey borough of Elmbridge who could experience close to 20% higher pension income if they suffered from diabetes.
Any medical condition which could potentially shorten your life expectancy has the potential to lift your annuity income. Being a smoker can also help you qualify for an enhanced annuity.
When we work with individuals who are considering their retirement income options, we always ask a lot of questions about their state of health.
Establishing whether you are entitled to an enhanced annuity when you retire is an important part of the process, although retirement income options are not limited to annuities and those approaching retirement should carefully consider all of the various options.
If you are retiring in Surrey and want to make the most suitable decisions about your pension assets, do get in touch.
We offer an initial meeting at our expense and without obligation. You can call us on 01483 274566, email hello@icl-ifa.co.uk or complete our online enquiry form. We look forward to hearing from you soon.
