Guaranteed income from annuities has hit new heights this year – particularly for older purchasers. A new analysis shows that a healthy 70 year old could now get nearly nine per cent, rising to almost ten per cent at 75. The figures come from Just Group, experts in financial planning for people in later life. They show that £50,000 from a pension pot invested at the age of 65 in the top paying single life annuity would now receive an annual income of just over 7.6 per cent – a return of £3,834. At 70 it would have risen to £4,331 (8.7 per cent), and at 75 to nearly £5000 (£4,993 at ten per cent). The firm’s communications director Stephen Lowe says: “We know many older retirees are taking notice because if they can lock in the income they need, they are insulated against investment volatility in global financial markets.”
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