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How to make good decisions

 

by Roger Marsden
Head of Retirement Solutions Products and Services

‘In any moment of decision, the best thing you can do is the right thing, the next best thing you can do is the wrong thing, and the worst thing you can do is nothing.’ – Theodore Roosevelt. 

Making a good decision is easy when the options are few and simple. But the more options you’re faced with, and the more complex they are, the harder it gets. Perhaps that’s why we sometimes fail to make any decision at all. We just cross our fingers and hope for the best. But I’m with Teddy on this one: the worst thing you can do is nothing.

Why doing nothing is a bad option at retirement

Say you’ve trusted a certain company with your pension for years and they’ve proved to be an excellent choice, as many of our competitors are. Keep in mind that choosing them was a decision you made years ago.

Now you’ve got another choice to make: who will you trust to turn your pension savings into a retirement income? You could look back on the decision you make now with contentment if you get it right, or with serious regret if you don’t. So now’s the time for you to step up and make another good decision.

You can just roll your pension over into a retirement income with your current provider.  But unless you’ve checked out your other options, that’s the same as doing nothing. It could turn out to be the worst thing you can do.

Shop around for the best retirement you can get

You see, even if your pension provider has done a good job over the years – even if your pension provider happens to be Aviva – you could still be better off buying your retirement income elsewhere. You won’t know if you don’t shop around. It’s like when you buy a new watch. You’ll be offered insurance for it at the till, but just because the jeweller sells great watches, that doesn’t mean he sells great insurance too, does it?

When it comes to shopping around for a retirement income, there’s a lot to think about. But it’s an important decision that you’ll live with every day for the rest of your life. Reassuringly, there’s a lot of help available. I’d encourage you to take your time, research online, ask friends and family and get professional guidance or advice.

You might also like to read Three simple steps to a better retirement income for more about shopping around and why it’s important to tell annuity providers as much as possible about yourself every time you request a quote. 

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