At What Age Should You Buy Annuities?

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   David RacichPRO

   Fountain Hills, Arizona

   Age could be a factor when purchasing annuities. Product suitability has many components; one of them is age appropriate for seniors and young workers just starting out. Seniors in their late 70s and 80s can purchase annuities, but should they? Annuities are ultimately bought for income. If the senior timeline is too short, they’ll never recover their original contributions. Young workers generally have many priority needs and purchasing a non-qualified annuity and holding it long enough to escape the 10% penalty is too long for most.
     

   Answered on June 30, 2013

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