When should your annuity income begin?
See why the start date matters, and how to compare starting sooner with waiting a few more years.
The date you begin lifetime income is one of the most useful inputs to explore. Some annuity riders provide a higher withdrawal percentage at older ages, and certain benefit bases may grow during an eligible waiting period.
A higher payment after waiting does not automatically make waiting the better choice. You would receive fewer years of payments before that later start date, and you still need a plan for expenses in the meantime.
Try several start dates in the calculator while keeping the premium and life selection the same. Compare the resulting monthly amounts, then consider the income you would forgo during the waiting period.
For joint income, check the rules for both covered lives. Eligibility and payment percentages may depend on the younger person’s age, and the survivor provisions vary by contract.
Consider your broader retirement resources, liquidity needs, and the contract’s fees and withdrawal rules. Ask an advisor to verify the options against current insurer materials before making a decision.