I meant that in general, the earlier you buy an annuity, the more expensive it is, isn't that so?I'm not totally sure what you mean when you say, "given that the cost of purchasing annuities decreases with age, can a younger person buy them..."
How early can they be purchased?There is a thin market for annuities under normal retirement age but yes, they can be purchased.
What's a GMWB?GMWBs can function like (but are not) a form of deferred annuity.
I'm in my late 30's and was told by my insurance agent that it would be stupid for me to buy one as a part of an early retirement / financial independence strategy at my age because of the cost involved. He wouldn't even bother giving me numbers.I don't know the youngest age at which a person can purchase a [life] annuity. It will depend on the issuer. It would also be enormously expensive.
I love tontine schemes.The major reason is that their 'benefits' come from the deaths of your age cohort with which your money is pooled. When you are young, not enough of you are dying to provide any benefit. It is only after 65 or 70 that we start dying fast enough to provide any benefit.