MGM Advantage urges people to seek best annuity

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MGM Advantage urges people to seek best annuity

Thu 14th Jan 2010

MGM Advantage's sales and marketing director has suggested that people need to "shop around for the best annuity" in order to maintain a decent standard of living after leaving employment at 65.

Aston Goodey also recommended that consumers seek financial advice so that they can secure the highest possible retirement income, noting that the cost of living has increased over the last year.

Figures from the company show that pensioners between the ages of 65 and 74 will need to spend £429 more during 2010 in order to enjoy the same level of comfort as they did 12 months ago.

This is because inflation has caused a number of expenditure areas to become more expensive, with transport costs up 6.9 per cent and the price of household goods and services up 3.5 per cent.

The retirement income specialist warned last summer that the cost of living for 65 to 74-year-olds is rising at a faster rate than the national average.

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