Investing in your Retirement Plan: Post Retirement
You’re Partner
in Retirement
An annuity
is a contract with a life insurance company that will pay you a guaranteed,
regular pension income for life or a flexible non guarantee income in return
for a capital sum. The capital sum comes from your retirement fund or your
investment portfolios.
Contact
Procon to shop around on your behalf and to assist you as the amount of regular
pension income you get depends on a number of things such as:
- The
percentage of your investment that the life assurance company agrees to pay you
as a regular pension. This is called the "annuity rate".
- Your age
and state of health when you buy the annuity, the amount of money from your
retirement fund or investment portfolios that you invest in the annuity, your
sex, and the type of annuity you want.
Before
buying an annuity, contact us, as you need to decide:- Do you
want part of your pension to continue to be paid to one or more dependants
after you die?
- Do you
want a pension income that will increase regularly, or one that stays level?
Contact
Procon to help you plan as the income you get from your annuity will be less if
you choose:- An
escalating annuity – an annuity that increases each year or
- An annuity
that provides some payment for your dependants after you die.
- We will
have to do our homework properly if you choose a level pension - you will get a
bigger income now but inflation will gradually reduce its value as you get
older.
Contact
Procon to help you plan for your retirement annuity/pension:- Once you
take the pension, your income level is fixed or indexed to an agreed amount per
year and can't be changed afterwards unless you choose a flexible - living annuity which needs even more planning.
- If you
choose a level pension, or one that does not increase each year, inflation will
reduce its value during your retirement.
- The
annuity rate is fixed the day that you buy the annuity, so you won’t benefit
from any later increase in annuity rates.
- If you die
early and your annuity income is just for your own lifetime, the money you used
to buy the annuity does not go to your dependants. Basically, your annuity dies
with you.
Contact
Procon to help you secure:- A regular
income for life so you know exactly where you stand.
- An annuity
type that best suits your needs, such as one that gives a part-pension to your
dependants after you die.
- A worry
free annuity. You don't need to worry about investment risk as your income is
guaranteed.
- The annuity
with the best annuity rate taking into consideration your specific
requirements.
Let Procon
and its partners help you to have complete peace of mind for the duration of
your retirement.