How many of us, hand on heart, can truly say that we have a good understanding of which are the best annuity rates when it comes to our retirement? Not many, I would vouch, and yet this is the singular and most important thing when it comes to being able to enjoy a comfortable retirement or not.
Many people hear the words 'annuity rates' and are immediately scared off as they just do not understand the term, let alone looking for the best rates.
While we have worked our whole life to save money into a pension pot and scrimped and saved to make sure that we have enough to live on after the age of sixty five, the truth is that most of us just don't know what to do with this pot when we have it.
In reality, and to put it in layman's terms, you can shop around to make the most of your pension pot, as you would shop around for new car insurance or even a new pair of trousers. There are some annuity providers who offer much more competitive rates than others which means that you get more pension from your pot.
This can make an enormous difference to your standard of living when you are retired and yet so few people do shop around in this way.