This is a relatively new development, which I largely attribute to The SECURE Act.
March 10, 2024 by Sheryl J. Moore
Maybe the reason why older people are not as interested in annuities is because they have been exposed to information that puts annuities in a negative light.
Younger people might be more receptive to using annuities because news about annuities over the past few years has been largely positive. This is a relatively new development, which I largely attribute to The SECURE Act.
This would also explain why older people are more receptive to annuities NOW than they were in 2017.
If you are interested by some fascinating research by my good friend Matthew Drinkwater at LIMRA, and by buddy David Blanchett at PGIM, check this out: The annuity puzzle is especially puzzling for older retirees via INN
-sjm