Shop around, annuity customers urged

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Shop around, annuity customers urged

Tue 1st Dec 2009

Those looking for an annuity should ensure they consider as many options as possible to ensure that they have enough cash to live comfortably during retirement, a financial expert has said.

According to pensions analyst at Hargreaves Lansdown Laith Khalaf, those who shop around for an annuity could boost their income by between 20 and per cent.

However, many people are not considering an annuity at all, which could leave them in an uncomfortable financial position when they finish full-time work.

"Take-up rates are still not as high as we would like them to be, they should be higher," said Mr Khalaf.

Commenting on finances for the over-75s, the financial expert said that, while things are improving for the age group, there is still a way to go.

Figures released by the Alliance Trust recently showed that the over 75s are being hit with the highest level of inflation, at 1.7 per cent.

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