A Retirement Annuity can help those over 80


Retirement annuities are not usuallyoffered for those beyond age 80. But even those beyond age 80 are still good candidates for annuities for many reasons. I have several clients who fall into that age group.


Why make the change

First, they may have older fixed annuities with very poor returns that are beyond the surrender period. We can roll those funds to a more aggressive fixed index annuity to improve returns.

Second, this group realize they are not going to outlive their money and don’t want to risk it in the markets. A retirement annuity is the “safe bucket” for more secure growth. Customers no longer worry about market performance for potential losses.

Third, the IRA they’ve been drawing down on for the last 10-15 years is in jeopardy of running out of money. Those balances are moved to an immediate income annuity and guarantees a lifetime income.

Finally, most annuity companies have shorter surrender periods, and even offer a bonus on the premium. These incentives help offset previous losses or poor returns.


Increased underwriting standards

Underwriting for a retirement annuity is a bit more challenging, as the underwriter needs to assure there is no risk for elder abuse. This happens due to diminished capacity or the potential that the applicant is in a nursing facility. Suitability review is considerably more complex.

Reach out to Annuity Master to schedule time with a qualified agent to learn more about retirement annuities beyond age 80. Additionally, take the annuity assessment to see your qualifications for an annuity.