Professional singer Graham appreciates the monthly income that his lifetime annuity brings him. Combined with the Age Pension he says he’s set up properly and he doesn’t have to worry.
"There are no shortage of opinions on annuities, but now for the first time we are hearing from real customers, and it's clear that annuities, or some element of guaranteed income is a winner," Challenger Chief Executive, Customer, Ms Mandy Mannix said.
"When you know that a portion of your savings is guaranteed to last a lifetime, it brings an unparalleled sense of security. This confidence in receiving a regular pay check for life allows you to focus on what truly makes you happy."
“Proactively choosing to how and when to retire has been revealed may be the secret ingredient to wellbeing in our golden years,” Professor Joanne Earl from Macquarie University School of Psychological Sciences said. “The findings demonstrate that choice and control result in a healthier transition and greater retirement happiness and satisfaction."
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