Buy an annuity now or wait for interest rates to rise?

annuity

I’m considering buying an annuity for retirement income, but I’m wary of doing so because I’m afraid interest rates will rise soon. What do you think — should I go ahead and buy now or hold off until after rates go up?–Greg, Oklahoma

The size of the lifetime monthly payment you’ll receive from an immediate annuity depends for the most part on two things: the level of interest rates and your age. Essentially, the higher rates are and the older you are when you purchase the annuity, the larger the payment you’ll receive.

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