06:22 22 December 2013
There are an increasing number of options for retirement, and one of the more familiar options is an annuity. Purchased Life Annuities (PLAs) will not give you money to pass onto your loved ones, but they can help you ensure that you have an income while you are alive.
PLAs provide a stable income for your entire life, regardless of the number of years you live. In addition to the stable income for life, there are other advantages that make this option attractive:
If you would rather be able to access your funds if something unexpected comes up, or you just are not sure whether or not you want to go with an annuity, consult a financial advisor first. You can also opt for drawdown, which you can then change in the future to an annuity if you prefer. The main benefit of the Purchased Life Annuities is the guaranteed income for your entire life, regardless of age.
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