You can buy a Deferred Income Annuity, and definitely start receiving income 5 or more years in the future. The "inflation adjustment' is part of the pricing of the benefit. That is, if you agree to defer for longer, then you get a larger check. But once that amount is determined, you don't get an inflation adjustment. To price these Deferred Income Annuities go to www.SPIA.direct (not dot-com, but dot-direct.) You give them your age, gender, state of residence, when you want the annuity to start paying -- and how much money you want to deposit in the annuity now (can be from money inside your IRA or outside -- see my recent column on that at my website), and then you get quotes from several insurance companies offering a monthly payment amount.