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What Is An Annuity and Why Do I Need One?
In simplest terms an annuity is an agreement to pay out a regular sum in return for a one-off investment. For example, if you could gave me 100GBP I could agree to give you back 10GBP a year for a set number of years.

In practice, annuities are a little like a 'reverse life insurance' policy and act as a way for you to release the value in your pension fund when you retire.

You spend your working life building up a nice fat pension pot. When you retire you hand that over to an insurance company by purchasing an annuity. In return the company selling the annuity agrees to pay out a set percentage of that amount each year for the rest of your lifetime (lifetime annuity). At the end of your lifetime whatever is left over is pocketed by the insurance company.

So, if you bought an annuity for 500,000GPB at 7%, then the provider would then have to pay out 35,000GPB a year for either an agreed number of years or until you pass away - in effect, giving you a regular income of 35k for life.

The longer you live the more you get.

You Don't Have to Buy Your Annuity from Your Pension Provider

Many people are under the mistaken impression that they have to buy their annuity from the company that provides their pension - you don't. Just like any other insurance product you can, and should, shop around to find yourself the best annuity rates available. If you make a mistake or enter into an annuity blindly you could be unnecessarily reducing your annual income in retirement - for the rest of your life.

It's also worth bearing in mind that you can personalise your annuity to suit your own personal income requirements. For example, you may choose to have the amount paid out increase with inflation - especially useful if you plan on enjoying a good long retirement - or run for a maximum or minimum number of years.

Of course they still need to make money so the amount you are paid annually will be based on factors such as age, sex and the current bond rates (i.e. how much they can earn from investments). It might not sound nice but the insurance company 'wins' if you die sooner rather than later so an annuity bought at 60 years old will almost certainly pay out less per year than one bought at 70.

Is your annuity the most important financial question of your retirement?

It could be, yes.

Annuities are certainly one of the most secure ways for you to provide yourself with a guaranteed income for life. However, once an annuity is purchased it cannot be moved or changed in any way. With that in mind, it's vital that you choose the annuity that best suits your needs.

In other words you need to get annuity advice to get the best annuity rates.

Shop around, get expert advice and speak to an independent financial adviser - but whatever you do, don't just take the first annuity that's put in front of you by your pension provider. Whatever you choose, you're going to have to live with it..
Author Resource:- Gareth Flanagan is an independent financial adviserwith Principle First Financial Services one of the UK's few firms of Chartered Financial Planners. To discuss your options, or receive
financial advice visit us on-line.
Bonds and Rates: Breaking News and Market Data from CNNMoney.com

I Savings Bonds Rates & Terms. I Bonds earn interest from the first day of their issue month. You can redeem them at any time after a twelve-month minimum holding period . ~~ . ~~ . ~~ . ~~

• money.cnn.com/markets/bondcenter/

Individual - I Savings Bonds Rates & Terms

As of July 1st 2009 Bloomberg L.P. will no longer be designated a Nationally Recognized Municipal Securities Information Repository (NRMSIR). The Municipal Securities Rulemaking ~~~ The fixed rate is established for the life of the bond. ~~ The Secretary’s determination of fixed rates of return, semiannual inflation rates, composite rates, and savings bonds redemption values is final and conclusive. ~~ However, if the semiannual inflation rate is negative to the extent that it completely offsets the fixed rate of return, the redemption value of a Series I bond for any particular month will not be less than the value for the preceding month. ~~ Each fixed rate applies to all I bonds issued in the six months following the rate determination. ~~

• treasurydirect.gov/indiv/research/indepth/ibonds/res_ibonds_iratesandterms.htm

Bloomberg.com: Government Bonds

Up to date information on I Bonds, I bond rates and commentary on where they may go. . ~~ . ~~ . ~~ . ~~

• bloomberg.com/markets/rates/index.html

I Bond Rate - The latest information on I Bonds and I Bond rates

All about bond and bond rates. Free articles and more! The fixed rate and the semi-annual inflation rate are combined each May and November to determine the I-bond's earnings rate for the next six months.The semi-annual inflation rate announced each May measures the inflation from the previous October through March while the inflation rate announced in November measures the inflation from the previous April through September. ~~ If you sell the I-bond between 1 year and 5 years, there is a 3 month interest penalty for withdrawals.I-bonds are guaranteed by the United States government. ~~ Previously to this change the limit had been $60,000 ($30,000 of electronic and paper I-bonds each).Electronic I-Bonds can be purchased directly at TreasuryDirect. ~~ The I-Bond will then be mailed to you within three weeks. ~~

• i-bondrate.com/

Bond-Rates.com - All About Bonds!

Bonds Center - Learn the basics of bond investing, get current quotes, news, commentary and more. . ~~ . ~~ . ~~ . ~~

• bond-rates.com/

Current US Savings Bond Rates - Series EE Bonds - I Bonds - HH Bonds ~~~

Home › News › Series I to Earn 3.36%, Series EE to Earn 1.20% Fixed Rate, When Bought from November 2009 Through April 2010 . ~~ . ~~ . ~~ . ~~

• savingsbonds.com/rates.cfm

Series I to Earn 3.36%, Series EE to Earn 1.20% Fixed Rate, When ~~~

I Bond-Related FAQs. How is the earnings rate of an I Bond determined? What is the difference between EE and I bonds? Are there tax benefits to using I Bonds to finance education? Both series have aninterest-bearing life of 30 years; the EE bond fixed rate applies to a bond’s20-year original maturity.I Bond Earnings Rate 3.36%, Fixed Rate 0.30%The earnings rate for Series I Savings Bonds is a combination of a fixed rate, whichapplies for the life of the bond, and the semiannual inflation rate. ~~ The fixed rate applies for the 30-year life of Ibonds purchased during this six-month period. ~~ Market-basedrates are announced effective each May 1 and November 1. ~~ All U.S. ~~

• treasurydirect.gov/news/pressroom/currentibondratespr.htm

Individual - I Savings Bonds

~~~ Rates Weber Basin Water Conservancy District, Utah Water Ref Revs 'AA'; Outlook Stable Business Wire (Fri, Mar 5) Summary Box: Rates rise on jobs data AP (Fri, Mar 5) Treasury bond ~~~ Redemption Information Minimum term of ownership: 1 year Interest-earning period: 30 years Early redemption penalties: Before 5 years, forfeit 3 most recent months' interest After 5 years, no penalty       Freedom of Information Act | Law & Guidance | Privacy & Legal Notices | Website Terms & Conditions | Plug-ins & Viewers | Accessibility | Data Quality U.S. ~~ . ~~ . ~~ . ~~

• savingsbonds.gov/indiv/products/prod_ibonds_glance.htm

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