Falling annuity rates highlight need for OMO

Research from the consumer finance portal Find.co.uk claims annuity rates for 60 and 65-year-olds have fallen by nearly 14% over the last five years, as in March 2002 a 65-year-old man looking to purchase a £10,000 single life annuity, with a five year guarantee, could have obtained an annual income of £828, compared to just £718 today. In addition the company says a 60-year-old woman looking to buy the same type of annuity with £10,000 has seen a drop in income of 14.4%, from £687 in 2002 to just £588 in 2007. Although Find.co.uk points out there are ways of boosting income, through pu...