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Pension plans come in many different packages for the upcoming Dublin retiree.
From traditional simple interest savings to social welfare pension plans, you definitely have a lot of options to work with as you plan to secure your post-retirement future.
Perhaps one of the least explored options is that of annuity. So what is annuity? How is it different from any other regular pension plan? And is it really for you?
Let’s find out.
What is Annuity?
Annuity is a type of pension plan offered by an insurance company. You as the retiree purchase an annuity with a lump sum payment and receive income from the insurance for the rest of your life.
The size of the lump sum as well as the lifetime monthly payments depend on the contract, the amount you are willing to invest, and the insurance company’s rates and policies.
The payments can start as soon as 30 days after the contract is signed or years later when you finally retire.
Perks of annuity over other pension plan options
Not all pension plans are created equal in terms of security and returns capacity. Annuity easily stands out as one of the best options people planning for retirement have to work with. Here are a few perks you have to look forward to should you decide to take the annuity route.
✔ It guarantees a steady flow of livable income for the rest of your life with annuity plans in Ireland reaching rates of as high as 6%.
✔ Some annuity plans include tax benefits.
✔ It allows flexibility in terms of contribution and payable amounts based on your needs and capabilities.
✔ Plans like fixed annuity and other similar alternatives offer great security so you don’t have to worry about losing your money.
✔ It is transferable to dependents in the event of an untimely death.
✔ You can get plans that have scheduled increases in the payable amount.
✔ It is a good option for people approaching retirement age who may not have explored other pension investment plans earlier
Let Quigley Financial Brokers help you optimize your annuity plan
Choosing the right annuity plan will make all the difference in terms of how much financial security you get to enjoy after you retire. The right plan could mean a cozy retirement while the wrong choice will leave you with just as much financial stress as you had while working.
If you want professional and client-oriented pension broker Dublin services, then look no further than Quigley Financial Brokers. We have all the experience and understanding of the Dublin pension market to help you settle for the best annuity pension plan for your needs.
We will also answer any other questions you may have about annuity. That way, you can make more informed decisions that in the future you will definitely appreciate.