Is there an age limit when buying annuities?

An annuity could be a smart addition to your retirement portfolio, but you'll need to get the timing right on your purchase. Getty Images/iStockphoto

When it comes to planning for retirement in today's unusual economic landscape, many Americans are looking beyond the traditional options, like savings accounts and 401(k)s. With stock market volatility becoming a more common part of the economic landscape, more soon-to-be retirees are turning toward more reliable options, like annuities , instead. These unique retirement products are particularly appealing right now because they offer a way to incorporate a guaranteed income stream into your retirement portfolio, offering peace of mind in an unpredictable economy.

But annuities don't function like most other retirement tools,