53: State Pension, Annuities & Guaranteed Income: The Retirement Basics You Need to Know

In this episode of Retire Well, Matthew and Joe break down two of the most important sources of guaranteed income in retirement: the State Pension and annuities.

This is part three of the Pension Basics mini‑series, following episodes on Defined Contribution and Defined Benefit pensions.
Today, they explore:

🔍 What You'll Learn

How the new State Pension works, how much it pays, and why the triple lock has become so controversial

State Pension age changes — and what rising life expectancy means for future retirees

How to check your National Insurance record, fill gaps, and forecast your entitlement

Whether it’s worth deferring your State Pension (and when it isn’t)

What an annuity actually is — and why they’re becoming popular again

How annuity rates are set (age, health, postcode, interest rates and more)

The difference between single life, joint life, guarantee periods, and inflation‑linked annuities

Enhanced annuities: why some people qualify without realising

The pros and cons of guaranteed income vs. flexible drawdown

How annuities are protected by the Financial Services Compensation Scheme (FSCS)


💬 Listener Question
Marty asks: “How are annuity payments guaranteed if the provider fails?”
Matthew explains how FSCS protection works and why retirees don’t need to worry.


📌 Useful For
Anyone approaching retirement, planning their income, or trying to understand how State Pension and annuities fit into a wider retirement strategy.


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CHAPTERS

00:00 - Introduction
00:36 - State Pension Explained
09:40 - Annuity Basics
14:36 - Annuity Options
23:18 - Annuity Pros and Cons
31:51 - Listener's Question

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Email us: retirewell@wealthofadvice.co.uk
Website: www.retirewellpodcast.co.uk

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Wealth of Advice are authorised and regulated by the Financial Conduct Authority, reference number 563909. Past performance is no guide to future returns. Your investments can go down as well as up, so you may get back less than you originally invested. This video is for educational purposes only and is not personal financial advice.