Updated Annuity Questin

choi

Linton wrote: »

£7440 per year!

You are guaranteeing until you are both in your 90's? Have you checked whether it would be cheaper to go for a joint annuity when the pension company can stop paying when you both die which may be before either of you are 90.

The guarantee runs out when Mrs is 90. She may well live longer than that - according to ONS data her chances of doing so are a bit more than 50/50. Another reason to go for a joint annuity rather than relying on guarantees.

It may be better to drawdown for the first 5-10 years or more and then take out an annuity.

There are lots of other variations which may be worth considering. The IFA can come up with something designed to your circumstances.

The Annuity is guaranteed for 30 years
If my wife and i die before then it goes to our dependents

dunstonh

choi wrote: »

A year ago I contacted Retirement Line for Annuity Advice

He said he would get back in a years time
Voila

Im thinking about this option for peace of mind

Single Annuity
30 Year Guarantee period
3% Escalation

That would provide a sum of £7440 per month escalated
For my wife or I for 30 years

Cost £250,000
Guaranteed Return £231450

Thats peace of mind
Cost no worse than £18550

Let the IFA do their job. Dont use limited panels in niche areas sell your products on a non-advised basis. You could blow other better solutions out of the water by doing things before you get the advice.

Linton

choi wrote: »

The Annuity is guaranteed for 30 years
If my wife and i die before then it goes to our dependents

If you want to reduce your income in your old age to benefit your dependents who presumably could be retired themselves by the time you go then fine, as long as you have thought it through.

AnotherJoe

choi wrote: »

I want to find out the best option to use my pension pot of £250 k
I want to find out what is the best option for my wife and I
I am 66 this year
My wife will be 60

its looking like the following are the best options

<snip>

I think the best option would be conservative investments and take out £8k a year from those until you are perhaps in your late 70's early 80's, and then perhaps look at taking out an annuity.