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"I wouldn't feel comfortable with an annuity company investing it for me, and I'd like to have the ability to leave something to my heirs".
Savers' hopes of securing a comfortable retirement have been dealt a blow as standard annuity rates have collapsed to all-time lows just weeks after new pension freedoms have come into force, according to a financial website.
It's as if you're paying your money every month into your retirement annuity, so that you can have a comfortable life in the hereafter.
Millions of people's dreams of a comfortable retirement took another battering this week with the news that annuity rates have plummeted to an all-time low.
Richard Eagling, head of pensions at Moneyfacts.co.uk, said: "The prospects of securing a comfortable retirement have taken a further blow with news that standard pension annuity rates have hit an all-time low.
If you aren't comfortable with the idea of cashing in part or all of your annuity, explore other ways you can raise cash, such as taking out a second mortgage or selling other assets.
Annuities were another boom-time product, a popular way for investors to sock away money, comfortable that it would be paid back to them in a steady income stream in retirement.
They pick the annuity".
Every annuity is different.
An annuity is different.
Annuity sales have collapsed.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com