Traditionally, when you decide to retire you use the money you have accumulated in your retirement savings pot to buy an annuity. This product then provides you with a guaranteed income for the rest of your life, however long or short that might be. You can also ensure that income will continue to be paid to your spouse if you die before them.
Annuities are most often best suited for individuals with no dependants who require the absolute certainty of a fixed lifetime income. They can also be good value for those people with health issues.
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