Who buys Immediate Annuities?
By far the most common purchasers of immediate annuities are folks over 65 years of age. This age bracket represents 78 percent of all immediate annuity sales with 70-1/2 being the average age of the buyer. The reason that immediate annuities appeal so strongly to this age bracket is that they want a guaranteed source of income that they cannot outlive. Immediate annuities can fill this need nicely.
EXCERPT FROM Wealth & Retirement Planner March/April 2006