If you are not keen to buy a retirement annuity just yet but you are approaching the age of retirement, you are more than likely in the market for an income drawdown policy. Rather than spending your time frowning over an annuity calculator , you will want to get to work researching your options in this alternative field.

To begin with, it is important that you gain a solid understanding of what it means to apply for a drawdown income. In short, this kind of financial product allows you to delay purchasing a retirement annuity while at the same time keeping some of the benefits that you have enjoyed as a result of saving for you retirement.

Income drawdown allows you to access some of the money that you have accumulated in your pension fund without first buying an annuity. In addition, you will also continue to benefit from the tax advantages to which you are privy by virtue of your retirement savings.

There are certain limitations to your drawdown options, however. In general, you are only allowed access to a certain percentage of your savings, for example, and you are also required to agree to purchase an annuity by the time that you reach a certain age.

A drawdown income will help you to delay the necessity of purchasing a pension annuity. It affords you access to some of your retirement funds and it allows you to continue to enjoy the tax benefits that the accumulation of this money has afforded you thus far.