The latest findings from the MGM Advantage Annuity Index, which tracks the income paid on enhanced and conventional annuities on a quarterly basis, reveals average conventional and enhanced rates fell by 7% and 5% respectively in just three months.
Flexible Annuity sales up 58% as advisers look for drawdown exit
MGM Advantage, the retirement income specialist, has announced sales of their Flexible Income Annuity are up 58% year-to-date1 compared to the same period last year. The retirement income provider said the growth has been driven by advisers looking for a viable exit strategy for income drawdown customers as well as historic low annuity rates.
Advisers reveal top concerns of clients in the retirement income space
MGM Advantage, the retirement income specialist, has asked advisers what the top concerns currently are for clients who are in retirement.
UK households continue to feel the pressure as they need to find an extra £25.4 billion to maintain standard of living
MGM estimates that collectively UK households will need to find an extra £25.4 billion to maintain the same standard of living enjoyed 12 months ago.
Retired people save their families over £14 billion a year in care costs
Research from retirement income specialist MGM Advantage reveals that the average retired person spends 256 hours a year looking after grandchildren and other members of their family.
UK Households still need to find an extra £27 billion despite fall in CPI
Despite the fall in the annual CPI inflation rate to 3%, MGM Advantage, the retirement income specialist, estimates that collectively UK households will need to find an extra £27 billion1 to maintain the same standard of living enjoyed 12 months ago.