When you retire from a retirement fund at least two thirds of your retirement savings must be used to purchase an annuity that will provide you with income during your retirement. There are different annuity options available to you from which you must choose an option that is best aligned to your unique needs and circumstances. The different annuities have different income and capital protection outcomes. All the annuity options pay an income on a monthly basis and that monthly income is taxed as income.

Once you retire, you face the following critical risks:

Long life risk: The risk of living longer than expected and therefore running out of money during your lifetime. Inflation risk: The risk that the amount of money you receive does not increase enough to keep up with the increase in prices of goods and services. Dependant life risk: Risk of your dependants not having sufficient income to continue with their lifestyles upon your death. Investment risk: Risk of poor returns on your assets after retirement that reduces your ability to withdraw income to meet your needs and includes the risk that your investments are depleted during your lifetime. Keep these risks in mind when you have to make the important decision of choosing an annuity. Learn more about the different annuity types, see examples of different annuity outcomes and do your personalised calculations to assist you to make an informed decision.
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