• Question
  • Too old for an annuity?

    Asked on 6/21/2012

    Am I too old for an annuity?

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  • Categories: How to Choose, Annuities

Answers

  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Hi,

    Historically some insurance companies would not sell an annuity to people aged 80 or over since they had a short life expectancy, however more recently with life spans continuing to increase some insurance companies are more flexible. Insurance companies may also take a look at your health situation and how that impacts your life expectancy.

    You can talk to one or more insurance brokers to find out what is available.

    Please bear in mind that there have been some bad actors in the space who have sold deferred annuities with start dates far into the future to some older people, so please make sure to talk with more than one broker, your family or trusted advisors and potentially also a fee only financial advisor about a transaction like this.

    You can find some resources here:
    https://www.newretirement.com/annuity-marketplace.aspx
    http://www.newretirement.com/financial-advisor-marketplace.aspx


    Good luck!

  • Login to rate this answer:   Answered on 6/24/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.