Should You Buy An Annuity at Age 60?

By Brent Meyer — SafeMoney.com Founder & Editor Reviewed by Licensed Financial Professionals  |  SafeMoney.com — Trusted Since 2011  |  Updated Regularly Quick Answer: Discover if buying an annuity at age 60 is right for you. Explore guaranteed solutions for your retirement planning today! Related Articles What Is An Annuity | Annuity Guide Annuity Options Explained | Annuity Guide Independent Annuity Advice | Annuity Guide Annuity Aggregation Rule | Annuity Guide Key Takeaways Annuities can provide guaranteed income, helping to secure your financial future in retirement. Consider your life expectancy and financial needs before purchasing an annuity. Use retirement calculators to assess your retirement income needs. Consult a SafeMoney certified advisor for personalized guidance on annuities. Evaluate different types of annuities to find the best fit for your retirement goals. Quick Answer Buying an annuity at age 60 can be a strategic move to secure guaranteed income and protect your retirement savings. Annuities offer benefits such as principal protection and tax-efficient income streams, making them a valuable addition to your retirement plan. SafeMoney Editorial Team  |  Reviewed by Licensed Financial Professionals  |  Updated Regularly Understanding Annuities for 60-Year-Olds As you approach retirement, securing a stable income becomes a priority. Annuities can offer guaranteed solutions tailored to your financial needs, providing a reliable income stream and protecting your principal investment. Benefits of Buying an Annuity at Age 60 Purchasing an annuity at age 60 can be advantageous for several reasons. This is a critical time to consider how you can safeguard your accumulated wealth. Annuities offer contractual guarantees that can help mitigate risks and ensure a steady income throughout retirement. Guaranteed Income and Principal Protection Annuities provide a dependable source of income, ensuring you have financial security during retirement. They also protect your principal, offering peace of mind in volatile markets. Tax-Efficient Income Streams By investing in a non-qualified annuity with after-tax dollars, you can diversify your income streams and potentially reduce the tax impact on your Social Security benefits. This strategy can help you maintain a lower tax bracket in retirement. Comparing Annuity Options Annuity Type Benefits Fixed Annuities Guaranteed interest rates, predictable income Varia