Many pension, provident and retirement annuity members have to buy an annuity or monthly pension with their savings when they reach retirement.
Your retirement fund may offer you a default annuity that may be a good option, but may not always be the perfect fit for your circumstances. Understanding the options not only helps you make a wiser choice at retirement, but can also improve your pre-retirement planning.
In just a few minutes, this video will help you tell a guaranteed annuity from a living annuity, and the key things to think about when choosing between the two.
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