At 54, Janet was standing at the kitchen sink when a sobering realisation hit her. Retirement was just around the corner, yet her pension savings were far from enough to support two or three decades of post-retirement life. It wasn't that she hadn't planned for it- she had simply spent her younger years focusing on raising a family and paying off a mortgage. Pensions had always been something she meant to get to “Later." Now she wondered, "Is it too late?"

This feeling is common among people in their 50s who are just beginning to think seriously about their "third act." The closer they get to retirement, the more cautious they become. Annuities sound like a solid choice, but they come with plenty of questions: Is it worth investing with so little time left? What if something happens before I start collecting —will I lose all my money? Are there products designed to help late starters catch up in a stable and worthwhile way? The answer: Absolutely yes. As long as you understand the logic and make informed trade-offs, you can still build a stable, flexible income stream even if you begin planning in your 50s.

Let's start with Janet's core concern: Is it worth the money? Will the return be good? Buying an annuity is essentially signing a personal "retirement paycheck agreement." The insurance company clearly outlines how much you'll receive annually or monthly-like a paycheck, it's simple and predictable. If you choose a "high-income" annuity, its strength lies in consistent payouts: once the benefit period begins, you'll receive regular monthly income, like clockwork.

However, these products usually don't emphasise cash value, they're not meant to be flexible savings accounts you dip into at will. Once payouts begin, it's difficult to cancel or withdraw the lump sum. On the other hand, if flexibility and emergency access are a higher priority, then look for products with strong cash value. Think of cash value as the "savings pot" inside your policy—it represents how much your contract is worth right now, and in a pinch, you can surrender the policy and access this money.

Janet, for instance, worried she might need to help cover her husband's long-term care in the future. So for her, choosing a plan with fast-growing cash value-one that breaks even in 3-5 years and continues to grow— was key. This gave her both retirement income and a safety net for emergencies. Of course, the higher the cash value, the lower the monthly payouts will be there's a trade-off, like a seesaw. Janet ultimately chose a balanced plan: one that started payouts a little later, but offered a good mix of liquidity and guaranteed retirement income. It didn't lock up all her money, but still ensured she'd have financial stability later in life.

Now let's talk about another overlooked reality: What if I don't live long enough to use it? Many worry they'll retire, then suffer an illness or accident and won't live long enough to benefit from their annuity. But with an annuity that includes death benefit protection, there's less to fear. Janet's plan, for example, included a 15-year guaranteed payout period. If she passed away after only five years of receiving benefits, her remaining 10 years of payouts would be paid in full to her family. In essence, it created a built-in financial legacy. Yes, annuity retums matter— but alignment matters more. Some products advertise high annual yields, but if they don't match your financial structure, family responsibilities, or health status, they can become burdens rather than assets. The right annuity should feel like a tailored suit, maybe not the most expensive, but perfectly suited to your life.

Even after 50, it's never too late to prepare wisely for retirement, especially when each smart step can turn into tens of thousands more in secure, future income.