Here's an interesting concept that we noticed while researching income-producing options: If you're a senior in good health, you can maximize the money you receive from an annuity by waiting to buy it until you are past age 75.

This applies to immediate-fixed annuities in which you usually give money to an insurance company and receive a monthly check for a specific amount for the rest of your life. They lost some of their popularity when interest rates nose dived in recent years, but that hasn't dented their reputation for safety or the allure of a steady income.

Even with interest rates near historic lows, you can still maximize your return from an immediate-fixed annuity if you don't invest until you turn 75. The key is life expectancy.

At advanced ages, the payout is determined less by prevailing rates than by something called "mortality credits." Simply put, the insurance company expects that someone age 75 or 80 will not live as long as someone 65 or 70. They can afford to pay the older person more each month because the odds are that they won't have to pay too long.

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Figures from one insurance company showed that $100,000 invested in an immediate-fixed annuity would provide $7,740 per year for a 65-year-old male and $10,068 for a 75-year-old. At age 85, the annual payout is $14,688.

If you delay until 75 or later and stay in good health, you'll take in much more money over time. But if you die soon after purchasing the annuity, the opportunity will leave with you. That's the primary risk, and only you can decide if it is a worthwhile risk.

The other risk is interest rates. They are still low but are beginning to creep up as the economy improves. After all the pump-priming by the Fed during the past three years, there is a lot of cash sloshing around the economy. If that cash starts chasing goods and services in a roaring economy, there is an increasing chance for inflation and ever-higher rates. So buying an immediate-fixed annuity now could look like a poor move in a year or two when the interest return might be significantly better.

A way to get around these uncertainties is to buy an immediate annuity that guarantees payments for a predetermined period, maybe five or 10 years. If you pass away, your heirs will still receive the monthly income. If you live, you can reevaluate the interest-rate environment in five or 10 years, take advantage of your mortality credits, and perhaps lock in a much-better monthly payout.

Of course, this sort of investment is not for every senior. You should consult your financial advisor first and get facts and figures from several insurance agents before making a decision.

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