Annuities and drawdown – what is the difference? John takes Barry through the key differences, similarities, and potential pros and cons based on your individual needs and goals in retirement.
Pension annuities pay a guaranteed income for the rest of your life.
Fixed term products (referred to as fixed term annuities by Money Helper) pay a guaranteed income for a fixed term, with or without a lump sum at the end.
Visit https://www.legalandgeneral.com/annui… for more information and helpful tools.
This is the third video in our ‘Annuities Explained’ series. Make sure to catch up on videos 1 (What is an annuity?) and 2 (Types of annuity) and watch the rest of the series in which Barry and John dig deeper into how annuities work, including annuity rates, how an annuity is calculated and buying an annuity.
What’s the difference?
Which is better?
What are the pros and cons?
How do I make the best choice?
Considering risk and the value of advice
