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Annuities Pension Drawdown Fixed Term Plans

Your health

Your health is important when planning ahead for retirement.

In good health

If you are in good health annuities may be a good bet – after all they are essentially a bet with the insurance company and if you think you will live a long time you may win the bet.

The case of Madame Calment

At the age of 90 Madame Calment entered into an annuity contract with her lawyer, Andre Raffray.

He agreed to pay her a monthly income in return for her apartment when she died. This proved to be a bad deal for the lawyer because he died first, having paid out nearly double the value of the property.

Madame Calment was 121 when Monsieur Raffray died; his family continued paying out until she died a year later at the ripe old age of 122.

In poor health

However, if you are in poor health you may have a difficult decision:

On the one hand you can leave your pensions invested in drawdown and when you die the remaining money can be left to your family

On the other hand, you can purchase an enhanced annuity which will pay a higher income

More about enhanced annuities

Health in later life

When making your retirement plans you should take into account the possibility you may have to budget for expensive care or medical fees in later life.

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This website is run by William Burrows and publishes generic information on annuities, drawdown and other related retirement income matters. Any information you use is at your own risk and does not constitute financial advice.

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