Research links retirement income security to longer life expectancy among retirees

New research has found that retirees who buy annuities tend to live longer than those who withdraw money gradually from savings accounts. The study, called "The Effect of Annuities on Longevity," suggests that having a guaranteed monthly income reduces stress, which may protect health in later life.

Annuities pay a fixed amount each month until the holder dies, removing worry about running out of money or losing savings when markets fall. Healthy men who purchase annuities are twice as likely to reach 100 years old compared to the general male population.

The research also noted that wealthier people who use financial advisors gained more years of life expectancy between 2001 and 2014 than lower-income groups. Experts now say retirement income planning should be treated as a health decision, not just a financial one.