Nearly one million (990,000) pre-retirees are considering annuities for the first time, analysis by Legal & General (L&G) Retail shows.
The consultancy's analysis of 2,000 UK pre-retirees - those in work aged 55 and over - in November last year found 16% are considering annuities due to improved rates against the backdrop of increased living costs. This is in addition to the 828,000 pre-retirees (14%) who had already decided to buy an annuity in retirement, according to data from the Office for National Statistics. The research found more than three quarters (78%) were drawn to annuities because of the stability of a guaranteed income, which made it easier to plan their finances, with 36% stating they were drawn...
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