Annuity income at 65: what to know

Sixty-five is when many people start Medicare and think about turning savings into a paycheck. Here is how starting guaranteed lifetime income at or near 65 works.

Start now or wait?

Starting at 65 gives you income right away. Waiting a few years usually raises the guaranteed monthly amount, because many income riders grow the income base each year you defer. The right choice depends on what your bills need now.

Fit it with Social Security

Some people use annuity income to cover bills from 65 to 70 so they can delay Social Security and get a larger benefit. Others start both at once. The Retirement Gap Check shows how much of your monthly gap guaranteed income could cover.

One life or two

If you are married, joint income keeps paying as long as either of you lives, at a lower monthly amount than single-life income.

What it costs

Income riders often carry an annual fee, and surrender periods are typically about 10 years. One of our licensed advisors walks you through fees and surrender terms before you decide. See what guaranteed lifetime income is.