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How old do you have to be to buy an annuity?

Legally, you must be 18 to buy an annuity. Many annuity providers set their own minimum age limit of 50 and maximum of somewhere between 75 and 95 years old. People who are nearing retirement or newly retired purchase the majority of annuities.

What is the 'annuity age 75 rule'?

The “annuity age 75 rule” is a misconception that often arises due to the relationship between age and annuity payouts. Generally, annuity payouts increase with age because older people have a shorter life expectancy.

Should I buy an annuity at 70?

The decision to buy an annuity at 70 is a complex one and hinges on an individual’s unique financial situation and retirement goals. In fact, it’s often beneficial to consult with a financial advisor in making any big decisions about your retirement. The key advantage of purchasing an annuity at 70 is the guarantee of a steady income stream.

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