Age Limits for Different Types of Annuities
- Fixed, Fixed Indexed, or Variable Annuities: The age limit for purchasing these annuities is typically up to age 85. These annuities offer a combination of growth potential and income security.
- Single Premium Immediate Annuities (SPIAs): Some SPIAs are available for purchase up to age 90 or older. SPIAs provide immediate, regular income payments in exchange for a lump-sum payment.
Reasons Against Purchasing SPIAs at Advanced Ages
- Loss of Control Over Money: Once you buy a SPIA, the control over the lump-sum payment is relinquished in return for the regular income stream.
- Soundness of Mind Concerns: As individuals age, concerns can be about their ability to make sound financial decisions. This is particularly relevant for those around age 90 or older.
While it is possible to buy certain types of annuities up to age 85, and some SPIAs even beyond that age, it is generally not recommended for very elderly individuals due to the loss of control over funds and potential decision-making concerns.
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