Retirement annuity might just be the right way to ensure a pleasant retirement. Comparing annuity rates is proven to be the best way to increase your retirement income. There are a huge number of annuity providers available today in the market, making it difficult for you as an employee to decide between those companies. Purchasing an annuity package according to your needs can be a very crucial job. There are many factors which affect the retirement annuity rates. You must be financially prepared for retirement to ensure a comfortable and secured life. An annuity is an investment which will remain with your entire life, so it is essential to be aware of the factors that affect retirement annuity rates. The factors are mentioned below:
- Smoker: Whether the person who is investing in an annuity plan is a smoker or not is an important factor affecting the retirement annuity rates. The retirement rates vary significantly between people who smoke and people who don’t. Those who smoke have a higher rate than those who don’t smoke.
- Care Needs: The retirement annuity rates also depend significantly on the people who require constant care compared to those who do not. The person who needs constant home care would be eligible for a higher annuity rate.
- Diseases or Health: Having a poor health or having some incurable disease also highly affects the annuity rates. People having such health issues are eligible for a higher annuity rate.
- Impaired Health: People having impaired health may apply for an impaired life annuity plan. This impaired life annuity plan involves a higher annuity rate as compared to normal retirement annuity plans.
The above-mentioned factors really do affect retirement annuity rates. They carry a higher annuity rate as compared to the rates for people who do not have such problems.