Again this is one of those questions that's extremely difficult to answer without additional facts. My initial reaction is a 50-year-old is not yet in the market for an annuity. More importantly, with interest rates as low as they have been over the past couple years and are expected to be over the next couple years, hang on to your money for better opportunities when interest rates rise. There are many types of annuities from immediate annuities to deferred annuities, joint & survivor annuities single life annuities etc. What you want to be careful of is to check on the fees associated with any annuity. Most annuities are sold and the salesman is typically entitled to a commission. I have no problem with this except most of the commissions are buried so deep the're hard for the consumer to find. As an example, you may be told there are only investment fees associated with various funds when in fact if you attempt to make a withdrawal within the first seven years, you may be subject to penalties that range from 7% down to 1% over this seven year timeframe. If this isn't a fee, I don't know what is. If in fact you feel an annuity is for you, I would contact a fee-only financial advisor who doesn't sell product but may recommend good products as and when they are required to complete a comprehensive financial plan. One of the most important questions to ask when purchasing an annuity is how I get out of it if at some point I change my mind. In addition, I would ask for a clear understanding of the fees and any related investment charges if mutual funds are to be used as the investment vehicle. This is a very complicated product and you need to go slow and be sure you have good advice. Good luck
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