Brits 'must consider annuities as an early option for retirement'

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www.moneynews.co.uk > Pensions calculator > Brits 'must consider annuities as an early option for retirement'

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Brits 'must consider annuities as an early option for retirement'

Individuals hoping to achieve the best return on their pensions savings have been advised to consider annuities at an early stage of the decision-making process.

Jason Ashman, chartered financial planner and director of Chatfield Private Client, said failing to take annuities into account at an early stage of taking out a pension can mean the best returns are not available.

He commented: "What we are finding is that a lot of clients aren't coming to advisers soon enough. It is no good actually thinking about retirement planning within six months of retirement."

Mr Ashman added timing is everything when it comes to achieving the best pensions returns, with at least five years the ideal amount of time to consolidate savings into a good return package.

According to research carried out by MGM Advantage, 47 per cent of employed individuals over the age of 55 cite this as their biggest fear at present.

Furthermore, personal debt levels for this age group were shown to be £8,200 on average.

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