Are you contemplating delaying taking an annuity income? If so, it’s important to think carefully about why you might want to. If you’re waiting in the hope of higher annuity rates down the line, it’s crucial to understand what delaying may cost.
Like any financial decision, timing is important. Whether you’re pondering when to start taking income or exploring the available options, seeking guidance from a financial adviser can help make sure your pension is working for you. And expert insights can save you from potential losses down the road.
Waiting for a bump in annuity rates could result in a more substantial annual income. However, there’s no guarantee of a rate hike, and even if it does happen, the gains might not outweigh the income you’d miss out on in the meantime. That lost income, built up in even just a few years, could take decades to recoup.
How My Pension Expert can help
Understanding the cost of delay is all part of our service here at My Pension Expert. Our team of experienced independent financial advisers tailor their advice to your unique circumstances and even help you crunch the numbers to gauge what the cost of delay would be for you, empowering you to make informed choices.
For queries regarding your pension options, including the implications of delaying, reach out to our team. Your financial future deserves it.