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Retirement Options

Have some Flexibility with a Temporary Annuity

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Temporary Annuities

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Temporary annuities have increased in popularity over recent years as they provide greater flexibility, they can be bought for a fixed period and once that has been reached a sum then becomes available to the policy holder.  The money received can then be used to buy another temporary / lifetime annuity or income drawdown.

One of the many reasons why so many people are now opting for temporary annuities, is because it eliminates the need to make a difficult, long-term decision so early into retirement and therefore offers greater flexibility.

Chances are that you can't predict exactly what you're going to be doing throughout the duration of your retirement. You may have quiet years where you want to stay by your loved ones and you may have times where you want to go off travelling the world. This means that your income needs are going to vary which is where flexible annuities are perfect as you can plan to receive your payments when you need them most.

There are many other factors which can affect your income needs such as a spouse passing away or becoming ill. More than likely this is something you can't predict which is why many people opt to purchase a more flexible annuity that can change with their circumstances.  

For more information about temporary annuities or annuities in general why not contact Annuity UK today.