Don't Make This Annuity Mistake

VIDEO: Many savvy savers make a key mistake when buying their annuities and this can haunt them for the rest of their retired lives

Alanna Petroff 27 March, 2013 | 6:00AM
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Far too many people buy the first annuity that comes their way when they are entering retirement. Richard Parkin from Fidelity Worldwide Investment explains to Morningstar's Alanna Petroff how this decision can seriously hurt your finances and haunt you for the rest of your retirement.

Video Transcript:

Alanna Petroff: Many people save up their whole lives for their retirement, but when it comes to choosing an annuity, they will pick the first thing that comes their way. This is a potentially harmful choice and it could haunt you for the rest of your life. So, joining me now to talk about annuities and choosing the best annuity for you is Richard Parkin, he is a Retirement Specialist from Fidelity Worldwide Investment.

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The information contained within is for educational and informational purposes ONLY. It is not intended nor should it be considered an invitation or inducement to buy or sell a security or securities noted within nor should it be viewed as a communication intended to persuade or incite you to buy or sell security or securities noted within. Any commentary provided is the opinion of the author and should not be considered a personalised recommendation. The information contained within should not be a person's sole basis for making an investment decision. Please contact your financial professional before making an investment decision.

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About Author

Alanna Petroff

Alanna Petroff  is a financial journalist with Morningstar UK.