Jeff has now 5 years of job remaining. The best way to utilize his resources to save the money for his retirement is to invest the amount to get a good return. So that he may have enough money to complete his post-retirement plans. Jeff is also having full National Insurance contributions and has some savings. He has won the lottery ticket prize of ￡800,000. Now he has to use the entire amount wisely because he has various plans to be fulfilled. These plans can only be completed by having proper use of the available cash. For that purpose, Jeff needs complete personal financial planning.
Now Jeff needs to be very careful to use the money in such a way that he may fulfill his plans after retirement. Obviously he would like to use his money to earn some profit on it. The financial institutions are there to help such people. They offer different rates for the investment of 5-10 years and so on. They have different policies so one should be aware enough to choose his required package of investment according to the rates. He should deposit the amount for annuity and get the reward at the end of fiscal periods. In UK market, the present rate of pension annuity is about 40% and it also varies by institution to institution. So if Jeff starts investing his money for pension annuity then this activity will be fruitful at the time of his retirement. Moreover, statistics shows that there are chances of increase in the annuity rate in coming years. ...Show more