By Terry Savage on March 21, 2024 |

I’m 69 years old. Is an annuity a good idea to help supplement my retirement income? I plan on retiring when I’m 70.

Terry Says

Generally, the answer is no. If you start an “immediate annuity” — a payment for life, it will be impacted by inflation over the years. At just 3% inflation, the value (spending power) of your monthly check is cut in half in just 25 years.
And you want to wait until age 70 to take SocialSecurity — because this is the one “annuity” (lifetime payment) that is adjusted for inflation every year!

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