We are all aware of the news that is highlighting how the prevailing interest rate situation is affecting both mortgages and annuities. The news also focuses on how many people are finding it a challenge to meet their desired budget.
With the unprecedented economic climate and market volatility potentially likely to persist, is this the time to explore how you could underpin your essential spend (bills etc) by way of a guaranteed annuity? This possibility is also relevant for consideration by anyone who is not entitled to the full basic state pension and may be seeking a guaranteed income to cover the shortfall.
Annuity rates, providing a guaranteed income for life, have increased by up to 40% since the start of 2022. Currently, an individual age 65 could achieve an income from 6.6% to 10.6% per annum – guaranteed for life (source Justadviser).
(*) If you are concerned about the sustainability of any income central to your financial planning, or
(*) about any potential shortfall in your necessary spend, or
(*) if you wish to review the balance between the income from your invested assets where the income therefrom rises and falls, and the income from other sources where the income is guaranteed,
then we recommend you review your financial planning requirements highlighting these concerns.
We are here now to help so please do not hesitate to contact us regarding your financial planning situation. Reviews and our Lifetime Financial Planning Service are all part of our added-value services for our clients.
We have set out above what is only a brief summary of some key points that involve quite complex rules. Always take relevant professional advice before taking, or refraining from taking, any action.
Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.
This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.
We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.
A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.
Barry Fleming & Partners are an independent financial advisor specialising in ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.