At What Age Can You No Longer Buy An Annuity?

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Key Points about Annuity Purchase Age Limits

  • Standard Annuity Types: For fixed, fixed indexed, or variable annuities, the age limit is typically 85.
  • Single Premium Immediate Annuities (SPIAs): Some SPIAs are available up to age 90 or older.
  • Caution for Older Buyers: It is generally not recommended for individuals over 90 to purchase SPIAs due to concerns about loss of control over funds and potential diminished mental capacity.

Understanding Annuity Age Restrictions

  1. Fixed Annuities: These provide a guaranteed return. Age limit is usually 85.
  2. Fixed Indexed Annuities: These have returns tied to a market index, with an age limit typically at 85.
  3. Variable Annuities: Offer investment choices with potential for higher returns but also greater risk, with a purchasing age cap at 85.

Risks for Senior Buyers

  • Loss of Control: SPIAs often require relinquishing a lump sum of money in exchange for periodic payments.
  • Mental Capacity Concerns: As age increases, there’s a higher risk of cognitive decline, impacting financial decision-making abilities.

Annuity Types and Age Limits

Annuity TypeAge LimitRecommended for Seniors?Key Feature
Fixed Annuity85YesGuaranteed return
Fixed Indexed Annuity85YesReturns tied to market index
Variable Annuity85ConditionalInvestment choices, higher risk and potential
SPIA90+NoImmediate periodic payments


When considering annuities, it’s crucial to understand the age limits and the suitability for seniors, especially for those above 85. While fixed, fixed indexed, and variable annuities have an age cap at 85, SPIAs may be available beyond 90. However, caution is advised for older individuals due to the inherent risks and potential cognitive challenges. Contact us today for a free quote.

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Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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