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Despite a recent rise in retirement funds, they can buy you after years in the doldrums, over-50s remain skeptical about annuities. Most savers have decided to save their money rather than live off withdrawals as a result of the 2015 pension reforms. However, annuity lenders can afford to fund much more attractive contracts, triggering a revival in sales.

According to a recent poll, over-50s on average expect that they will live to age 80, which is significantly off current longevity estimates, especially for women. According to the Office of National Statistics results, both genders make the same life expectancy prediction when asked, though a man aged 50 will live to 84 on average, and a woman will live to 87. According to Canada Life, it is positive that people will live longer than they expected, but the disconnect between ambition and reality could place additional pressures on retirement planning.

According to financial experts, Annuity rates in the United States have hit a 13-year peak, which is 'turbo boosting' the amount of guaranteed income pensioners can receive in retirement. According to industry average results, a healthy 65-year-old can buy a single life annuity with no inflation guarantee at a rate of around 7 percent, or a year of less than £7,000 per year.