Generally the older you are, the more income you'll get. However, don't think that putting off taking your annuity will guarantee you more income in the future. Annuity rates can change (just like interest rates) and one of the things that affect annuity rates is how long we expect people to live for on average.
The options you choose could also reduce the amount of income you get initially. You can ask for quotes with different options to see what impact your choices have, but you should also consider your long term needs.
For example, you might decide you don't want regular increases in your income, but if you're still around in 20 years time the chances are the buying power of your fixed income will have been eroded by inflation - just think what you could get for £10 twenty years ago compared with today!
You may have to include others in your decision making process. You might want to provide for your family after you die, but if your partner has a pension of their own this may be sufficient for their needs.
This is where financial advice can come in. It's a long term decision and one that can't be changed at a later date so it's worth seeking professional advice. Please note there may be a cost for this. If you don't have a financial adviser, and want advice on our annuities, you can speak to one of our experts in Standard Life Direct by calling 0845 272 8810. Call charges may vary.
Standard Life Direct is provided by Standard Life Client Management Limited which advises on, and sells products from, subsidiaries of Standard Life plc and some external providers.
