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Annuities: When Should You Buy One?
Most retirees worry about having a reliable income stream for the future, and the idea of converting part of their capital into guaranteed income is appealing.
The best age to purchase an annuity depends on several factors, including a person's current circumstances and investments, risk tolerance, longevity outlook, and expected retirement income needs. Considering these factors, the best age to obtain an annuity is when you can optimize its benefits for your needs.
An annuity, also known as a lifetime income arrangement, is a contract with a life insurance company under which the insurer agrees to make fixed monthly income payments in exchange for a lump sum.
Income annuity payments are guaranteed for life or for a specified number of years. The payment is slightly lower for a lifetime annuity because it adds a degree of uncertainty.
How annuities work
An annuity promises to pay the full principal plus earned interest over a given period. For example, if you want continuous income for 10 years, the amount you receive will be based on the principal and total interest earned during that period, divided into 120 monthly payments.
If your intention is income for the rest of your life, it will be calculated based on the number of months between your current age and your life expectancy. However, most annuities continue paying even if you live beyond your life expectancy.
In general, the longer you wait to annuitize your capital, the higher your monthly payment.
Waiting may be worthwhile
Suppose you invest $250,000 in an income annuity at age 65. If the interest rate is 2.5% and the annuitant's life expectancy is 15 years, the monthly annuity payment would be $1,663.66. If instead you wait another five years to earn more interest, your monthly income increases to $2,353.54. If you wait until age 75, it becomes $4,433.75 guaranteed for life.
Under this formula, the shorter the period over which you expect continuous income, the higher the amount you receive. So if you want to maximize your guaranteed monthly payment, your best option is to wait as long as possible before annuitizing your capital.
Considerations:
- If you have a reasonably healthy lifestyle and good family genes, starting an annuity at an older age is clearly the best option.
- However, waiting until an older age assumes that you continue working or have other income sources, such as a 401(k) plan or pension in addition to Social Security.
- Generally, tying up all your assets in an annuity is unwise because once you put your money into an annuity, that capital belongs to the insurance company. This makes it less liquid.
- Although an annuity is an investment, you should consider inflation when reviewing the chosen annuity's annual interest rate. View your annuity investment as part of an overall strategy that includes growth assets to help offset inflation throughout your life.
A financial advisor's recommendation is that the best age to start an annuity is between 70 and 75 to ensure the maximum payout. However, only you can decide when the time is right to have a secure, guaranteed income stream.
Sources/References
Insurance Information Institute (Accessed September 2022)