Rebuilding Retirement Income With Annuities in Your 60s

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: If your retirement income plan has gaps, your 60s aren't too late to fix them. Learn how annuities can help rebuild reliable, guaranteed income when you need it most. Key Takeaways Annuities can provide a steady income stream, helping to fill gaps in your retirement income plan. Consider fixed annuities for reliable, guaranteed income during retirement. Your 60s is a crucial time to reassess your retirement strategy and explore annuity options. Utilize retirement calculators to evaluate your income needs and annuity benefits. Consult a SafeMoney certified advisor to tailor your annuity strategy effectively. For many Americans, retirement planning hasn’t gone exactly according to plan. Life happens. Markets crash. Jobs are lost. Divorce, illness, or other unexpected events can throw your savings strategy off course. If you’re in your 60s and feeling behind, know this: you are not alone—and it’s not too late to rebuild. One powerful strategy for creating stable, guaranteed income in your later years is through an annuity. While some think annuities are only for those who planned early, the truth is they can be a lifesaver for those making up ground or seeking to restore peace of mind in retirement. Let’s explore how a late start annuity can still secure the income you need and deserve. The Myth of the “Perfect” Retirement Plan You’ve likely seen the idealized version of retirement planning: saving diligently from your 30s, maxing out your 401(k), and cruising into retirement with a paid-off home and guaranteed pension. Reality is very different for many people: According to the Federal Reserve, 27% of Americans have no retirement savings. Fidelity estimates that the average 60-year-old has less than 8x their salary saved—well below many financial targets. Inflation, caregiving costs, and economic setbacks have delayed or disrupted many retirement timelines. This is why starting an annuity in your 60s can be a smart way to create a reliable retirement income stream—even if you’re getting a late start. Why Annuities Work for Late Starters If you’re rebuilding in your 60s, your two biggest priorities likely are: Avoiding market risk, and Creating predictable lifetime income. Annuities are one of the few tools that do both. Here’s what you gain with a late start annuity: Gu