Over 50s 'can increase retirement income with annuities'

People aged over 50 who are looking to boost their finance options have been advised to look around for the best annuity rate.

According to Aviva, consumers should not simply be content to stick with their existing pension provider and should consider possible alternatives.

Indeed, it stated that researching the market could lead to people boosting their pension income by up to ten per cent.

Therefore, it has encouraged over 50s to consider their finance options and shop around for the best deal.

Gary Pepler, communications director at Aviva, commented: "It is vital that people make best use of the full value of their assets, whether these are pensions, property or savings."

He added that people's fears about retirement could be alleviated if they take control of their financial planning sooner rather than later.

This echoes recent advice from MGM Advantage, which said rising living costs are placing increasing amounts of pressure on people's retirement incomes.

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