How snoring could boost your retirement income
Does your partner snore? Does it drive you crazy? Well, next time you are struggling to sleep start counting the pounds because snoring could earn you a pretty penny when you retire.
Sufferers of sleep apnoea, which causes heavy snoring, could stand to receive an extra £12,000 in income over the course of their retirement with an enhanced annuity, according to MGM Advantage.
That's £600 a year.
And it's not just snoring that can boost your retirement income. A glass of red wine a night or a crafty cigarette can make you eligible for an enhanced annuity too.
These annuities pay out more as the person buying them isn't expected to live as long as a perfectly healthy bad habit-free pensioners.
So admit to everything you can think of on your annuity application forms, it could inflate your income.
In exchange for any lump sum – usually your pension fund – an annuity is “bought” from an insurance company and provides an income for life. When you die, the income stops. Annuity rates fluctuate daily and depend on your sex (although from 21 December 2012 insurers will no longer be able to use gender as a factor when calculating annuities), age, health and a number of other factors, so you have to pick the right one and, once bought, its terms cannot be altered, so seek financial advice.