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An amazing £135 billion of retirement fund fund money is due to mature over the next few years as the BabyBoomers move into retirement. However, thousands of these Pension Investors are  short-changed because they miss out on the best available pension advice. With your Retirement Pension Options you should consider carefully what decisions you make sooner rather than later and of course remember that your  Pension Options are often fixed in place once the decision is made. By altering your pension savings into an income you are making one of the most important financial decision you will ever make.  Nearly all  company pensions will provide a Pension income routinely, but those with personal pensions and some types of employer schemes must  turn these funds into an annuity or similar our Best Pension Annuity Rate service will help you find the most suitable product for you. Retirement isn't like buying car insurance, where you do it every year and build up expertise. Everyone's doing it for the first time – and there is no second chance if you get it wrong. Which is why you need to consider your Pension Options. So what you can you do to improve your situation. You could start with the Retirement Options Manual which outlines available alternatives for your Pension.

Looking ahead

I suggest you start to look at your plans some 12 months ahead of the big day (retirement). You will need time to consider carefully the options. Over here at the financezone we have produced a guide to your retirement options which is available for download at nominal cost (if you decide take advice from us we will refund you the purchase price in full) however it could save you many thousands of pounds if you wanted to DIY. The very latest time to consider your Retirement Pension Otions is about 3 months before your retirement date. Using these deadlines (12 and 3 months) will give you time to gather information, bring together  fund valuations and see how your  personal  pensions will complement State and workplace pensions. In most cases, those with a personal pension will end up using the fund to buy an annuity from an insurer, exchanging  capital for a guaranteed lifetime income. Our Best Pension Annuity Rate service will help you find the most suitable product for you But savers must be on the ball, especially those with older pensions that have generous guaranteed annuity rates noting of course these are becoming fewer as years go by. However you must check,

Shop around

Many Pension Investors are not aware they do not have to buy a pension from the company that has managed their money up to retirement. Instead, they can use the open market option to find a better deal with another provider. Tracking down the best rate can boost your income by as much as half for the rest of your life and remember it is only an Independent Financial Expert that is able to advise you from all of the providers in the market place and of course provide Impartial Financial Planning Advice. Usually annuity rates can vary greatly, and often by 10% or more, the actual rate offered depends on many things and often  how keen an insurer is to win new business. There are some other  reasons why some of you should consider shopping around. 'Enhanced' annuities pay better rates to those who have a shorter than average life expectancy. You might be eligible for an enhanced rate because you have been a smoker, for medical reasons, or even because of your postcode. To put it bluntly, if you are likely to die younger than others you could be getting more income from your Pension at retirement. Smokers, those of you with health problems, even heavy drinkers and if you are living in certain postcode areas could qualify for a better annuity rate.

Consider  the future

An pension bought now may continue for 30 or 40 years, but the income you get is dictated  your personal circumstances at retirement. One option is a fixed-term annuity. This allows you to secure an income for five or ten years then receive a lump sum back to reassess your options. These work like this, you health could worsen between age 65 and 75 and you might then qualify for an enhanced annuity rate, changing circumstances  may also help you get a better rate, e.g.  death or divorce means they no longer need to provide for a spouse's or partner's income. There are risks with a temporary annuity, though.  Changes in financial markets mean that annuity rates could tumble. This could mean that when the plan matures, your lump sum is not sufficient to replace your existing income. Another option might be to invest in an annuity that will increase over time. You can buy an index-linked policy that rises with inflation, or one that rises by a set rate each year, but in both cases the starting income will be lower than a conventional level annuity. There are also investment-linked annuities where the income will be influenced by how  stock markets increase over the next few decades. But there is the risk that if markets slump, so will your retirement income.

Do your homework

Before you make the final decision you should consider your options carefully and discuss these with your Spouse and Partner, after a review by an Independent Financial Expert. Annuities are not the only choice for those retiring. Opting for an unsecured pension (USP) allows savers to take tax-free cash but leave the rest of the fund invested in stock markets. You can then draw an income from this fund, hoping that market growth replaces the capital you have taken. A USP can run until age 75, appealing to those who want to work part time in retirement, but it is risky and expensive. Experts say it typically takes a fund of at least £100,000 to make the sums add up. Advice is essential. And you do not have to put all your eggs in one basket. You could choose to mix two different types of annuity, perhaps blending a fixed and a rising income. Whatever you finally decide it is important you understand  the decisions made in the lead up to your formal retirement will have an impact for many years. Therefore the lead in time to your final decision is critical. I have produced a more in depth guide to your Retirement Options which is available for download. There is a small charge for this guide which is full refundable should you decide to take your formal planning advice from ourselves. You can contact me using this form or call on 0845 226 9106 for a no obligation conversation. Richard Smith http://www.thefinancezone.co.uk