Using a pension annuity calculator can save an immense amount of time. When looking for the best annuities, a lot of research is required. Everybody would like to see their pension pots doing the best they can. But there are a lot of providers and a lot of different types of annuity plans. Instead of going through all of them, you can use the pension annuity calculator to help you determine which pension plan could give you the best annuity rates.
The pension annuity calculator helps shorten the selection by taking in account several important factors by which the annuities can be chosen. Fund size, age, gender and medical status are the most important factors which lead to the final decision when it comes to deciding which annuity plans to buy. The rest is mostly personal preference and professional advice.
Gender may soon be a very insignificant part of the pension annuity calculator since the European Court has decided that it is discriminating to distinguish between male and female annuities. But for now, many funds are still organized by gender selection. Even if it stays so for some time, the providers will have to balance the return rates for all pension annuity plans.
The state of your health is something which is very important when choosing the correct annuities and the pension annuity calculator takes it in account to sort out some enhanced annuity plans which might apply to you. While people who are healthy have just standard options, enhanced annuity plans are available to people with medical problems, smoking habits, obesity or anything that can cause them to statistically have a shorter life span. These have better rates because they are counting on people to live shorter due to their health status and habits.
When using the pension annuity calculator it is possible to see if there are any pension annuity plans for leaving the annuity to your partner after you die. You even get to choose how much monthly income you want to leave to your partner after you die. Typical options would be 100%, 66% and 50%.
Once people reach 50 or 55 they can buy a pension annuity plan. Usually when people go into retirement, they will be offered a pension annuity plan. It is advised to decline that one and not to buy it at a very early age. Using the pension annuity calculator, it is possible to see why. The older you are the better rates you can get. Not just because the pension pot is bigger, although that can be a factor as well, but you are statistically closer to death. This is just the same when it comes to medical problems and bad habits.
At the age of 75 people are obligated to purchase a pension annuity. Since it must be done, it is very smart to do as much research as possible on the topic. The pension annuity calculator is designed to help you research only the pension annuity rates which could suit you best and is a very important tool in order to save time going through all possible annuities manually.
When you approach retirement you need to change your pension pot into a guaranteed income, a pension annuity calculator will help you find the best rates. Visit http://www.annuitysupermarket.com/blog/annuity/pension-annuity-calculator