If you're going to buy an annuity, it's important to get the timing right on your purchase. Jordan Lye/Getty Images

Retirement planning in your mid-50s puts you in an interesting position. You're likely earning well and your career is established, but you're also starting to see the finish line on the horizon. It's the age where financial decisions start carrying more weight, too. You don't have endless time to recover from mistakes, but you're not quite ready to play it completely safe, either. But while you may be shifting some of your retirement assets in your mid-50s, things like annuities , which are insurance contracts that provide guaranteed income streams in exchange for a lump sum payment, typically enter the conversation much later in life.

That's because most people as

See Full Page