A 68-year-old widow with $400,000 in CDs asks about income she cannot outlive. She has no pension and Social Security covers only half her expenses. Which annuity strategy best addresses her primary concern?
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A
Purchase a single-premium immediate annuity (SPIA) for lifetime income
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B
Roll the CDs into a variable annuity with equity subaccounts
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C
Buy a fixed-period annuity for 10 years
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D
Invest in a deferred annuity with no income rider