Insurance Annuity for 81 year old

Can an IRA be converted to an insurance annuity. If so, is that a wise investment for someone who is 81. Any ideas for safe investments for someone my age?

Terry Says:  It is a TERRIBLE idea — and anyone wanting to sell this to you should be reported to the SEC!   You’re 81.  Take your minimum required withdrawals, and more if you need it to live on.  If there’s any money left at your death, you should have named an IRA beneficiary, who will get the balance of the money (if any) — and will be able to let it continue to grow tax deferred in his/her own IRA.

If you buy an annuity and die, nothing goes to your heirs; the insurance company keeps the balance.  And you can only get the monthly amount — not anything extra if you need it.  Don’t do that!  The only one who benefits from this deal is the salesman who gets a BIG commission!