Annuities

An Annuity is a guaranteed income for life paid at stated intervals until a particular event (usually the death of the person receiving the annuity).

What is an Annuity?

An Annuity is a guaranteed income for life paid at stated intervals until a particular event (usually the death of the person receiving the annuity).

Annuities are normally purchased from a life assurance company such as Aviva, New Ireland, etc at retirement in exchange for a lump sum payment (from your pension fund).

If you are entitled to an annuity payment, it’s important you choose the right option to fund your retirement I can help you go through your options.

Types of Annuities 

There are 4 types of annuities that you choose from depending on your circumstances. You will need to choose carefully which is best suited to your Personal circumstances 

  1. A single life Annuity payable to you for the rest of your life 
  1. A joint life Annuity pays out a percentage to your spouse
  1. A Level Annuity remains at the same monthly income every month 
  1. An escalating annuity your monthly income increases every month 

Benefits of an annuity

1. Payments are predicable
2. No need to worry about investment risk

Gwen Clarke Financial Services Ltd’s team of experts offers a wide range of services, including investments, pensions, corporate pensions, mortgages, and life protection. We understand that each of our clients has unique financial needs, which is why we tailor our services to meet your specific requirements. Our goal is to help you achieve your financial goals by providing you with personalized advice and guidance every step of the way. Whether you’re looking to invest for the future, secure a mortgage, or protect your loved ones, we can help. Contact us today to learn more about our services and how we can assist you in your Annuities and in securing your financial future!

Frequently Asked Questions about Annuities

Should I take an annuity over an Approved Retirement Fund?
It depends on your own situation.

Annuities are suited for some people who may wish to avoid risk and prefer a guaranteed income in their retirement.
An Approved retirement fund will give you more control over how your fund is invested with being able to take a flexible income when you want.

Sometimes the annuity can cease when the person passes away and there is nothing left to the spouse whereas an Approved Retirement Fund can be left you estate. Its important that you check all aspects of which option you choose.

Will my annuity die with me?
Sometimes the annuity can cease when the person passes away and there is nothing left to the spouse whereas an Approved Retirement Fund can be left you estate. Its important that you check all aspects of which option you choose.

You can book an appointment with me and I can go through your options with you.

Can I increase my annuity amount paid to me?
It dependes on the type of annuity which you choose. If you have an escalating annuity your monthly income increases every month.
How do I know which option to take?
It’s important that you speak to a financial advisor and that you understand the benefits of taking an annuity over another option and the type of annuity which you will receive.
You can book an appointment with me and I can go through your options with you.