If you’re the type of person that gets easily confused then the idea of taking out an annuity has probably overwhelmed you so much that you’ve likely shelved it to look at another day. Retirement is something that we all look to take seriously, but the reality is we just want the simplest way possible to ensure that we have a safe and secure retirement – and that we don’t run out of money halfway through!

Annuities have really risen to prominence over the last decade or so, mainly because they are a way of GUARANTEEING you some form of income for the remainder of your life and for many people that offers the familiar comfort that we are all looking for at that stage of our lives.

If you are looking to take out an annuity then chances are that you are starting to make some serious decisions about retirement, and accordingly you will want to take your time to consider the options that are available to you. Luckily with annuities, there are a wide range of options for you to choose from.

Enhanced Annuities –

if you are currently suffering from an injury or illness then you may consider an enhanced annuity. This type of annuity takes into account any potential health conditions that you might have and adjusts your annuity to take this into consideration. In turn this could provide you with a higher annuity income than what you were expecting

Single-life Annuities –

if you are an individual then chances are you will have been considering a single-life annuity. This annuity works just for you and takes into consideration your independent circumstances. Once this annuity has been taken out it will cover you for the remainder of your life, but if you die soon after you take out the plan the money will be absorbed by your annuity company

Joint-life Annuities –

a joint-life annuity is a popular alternative to this traditional annuity and gives you the option to include your partner within your annuity plan. Although in many cases this can have a negative impact on the annuity income for one individual, it does give you the opportunity to ensure that your partner is cared for in the event of an unexpected death

Inflation-linked Annuities –

inflation can be a major hurdle in many annuity plans, especially those which are taken out over a long period of time, and if you find that you are struggling to keep up with inflation then you may select an inflation-linked annuity which helps you to keep in-line with inflation and ensures that you have enough income to cover any inflation increases which might arise

Guaranteed Annuities –

a guaranteed annuity guarantees payment over a period of time. In some situations this can be five or ten years and it’s a great way of assuring that you receive at least a certain level of your annuity income. If you were to pass away during this time the income would continue to be paid to a family member until the end of the guarantee period and it’s a good way to protect your family against any unexpected deaths.