Snoring stuntPeter Byrne/PA Wire

There are few things more irritating than trying to get to sleep when someone else in the house is snoring like a wildebeest. However, according to one retirement expert, their horrible nocturnal habits could reap rewards, because in some instances it could mean they're going to be richer than you thought in retirement.

So why is this, and does it make up for all the lost sleep?


Boost income

Retirement income experts at MGM Advantage have drawn this conclusion based on the fact that snoring is a common symptom of Sleep Apnoea (OSA). An incredible 60% of the over 65s suffer from OSA in the UK.

And why does that help your retirement income? Well, when you use a defined contribution or personal pension to buy an annuity, the companies can take your health into account. If you have any of a huge range of illnesses, you can qualify for an enhanced annuity - which makes a huge difference.


Those with OSA may qualify, and as a result a male sufferer could receive an extra £12,000 retirement income over the course of their retirement - or £571.44 extra money each year.

Andrew Tully, Pensions Technical Director, MGM Advantage said: "If you are a snorer, you're highly unlikely to tell many people but, when thinking about your retirement and purchasing your annuity, it's something to make very clear. Sharing that little bit of information could mean a difference of thousands of pounds of extra retirement income."

Other conditions

Very few people know about enhanced annuities and the difference they can make. Even those who know about them think they have to have one of a range of common illnesses which everyone knows leads to a shorter life expectancy - such as high blood pressure, heart disease or cancer.


However, as Tully points out: "Enhanced annuities take into consideration a wide range of medical and lifestyle conditions. Unusual conditions with subtle symptoms like snoring are eligible, as are far more common conditions like high blood pressure or high cholesterol. It really does pay to make your adviser or pension provider aware of any medical or lifestyle condition you may have. The difference between the worst conventional annuity rate and best enhanced annuity rate can be as much as 48%, which could make a huge difference to your retirement finances."

Common

There are certain common illnesses and conditions which affect a large percentage of the over 60s, which could qualify you for an enhanced annuity. So, for example, 40% of people have high blood pressure, 33% have high cholesterol, 12% suffer from diabetes, 8% heart disease, and 4% chronic obstructive pulmonary disease. Meanwhile 4% have had a previous heart attack and 3% have had breast cancer.

It's a timely reminder that when we retire we need to shop around for an annuity, and tell providers every part of our medical history - even embarrassing things like snoring - to ensure we get the best possible income in retirement.

In the interim. Tully says: "Next time you're kept awake by snoring, remember that heavy breathing could soon bring in the cash." Which could be something to occupy your mind as you lie awake for hours contemplating investing in a sound-proof box.



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