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S recently received 500k lump sum retirement buyout from employer. She wants to buy an annuity that will immediately furnish her with guaranteed income for life
What is best annuity for this situation

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Answer:

The type of annuity that best fits her situation is a Single Premium Immediate Annuity (SPIA). An SPIA is an insurance product where an individual pays a large, single premium up front (in this case, the $500,000 lump sum retirement buyout), and in return, receives an income stream for the rest of her life.

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