Annuities: rates on guaranteed pension income soar 44% in a year

Stock markets have been falling, mortgage rates are still skyrocketing, and high inflation is eroding people's savings.

There is a lot of gloom in the world, but one financial instrument that many people had pretty much written off now appears much more alluring than it did a year or two ago.

It is predicted that many more people may now consider using some of their retirement funds to buy an annuity

A product that converts a person's pension savings into an income for life.

Annuity rates have increased by 44% in only one year, according to new data released this week, and are currently at their highest levels since early 2009.

Purchasing an annuity has long been a common way to utilise your pension fund. 


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