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People are welcome to jump on me, but I wonder whether a 77 year old woman should be in any type of annuity at all. As I understand it, the annuity income stops when the client dies, and the principal reverts to the insurance company. A 77 year old woman can probably expect to make it to 90, but not much beyond.

You can get 4.8% in a money market fund these days. I just calculated that if $150K is put in such a fund and drawn down in equal increments for 25 years, the monthly payout is $859.50. If you choose 15 years, it's $1170.62. If you choose 15 years and it's 6.5%, it's $1306.66.

Of course, you have to figure out how to make the money run out just slightly after the heartbeats do.
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