Use a single premium immediate annuity (SPIA). In this case we’re looking at a fixed term SPIA where you purchase the SPIA for an immediate payout, but only for a fixed term – perhaps 5, 10 or 15 years.
Source: http://www.annuity-fixed-variable.com/annuities/2009/01/16/a-fixed-term-single-premium-immediate-annuity-helps-keep-you-in-control/
Source: http://www.annuity-fixed-variable.com/annuities/2009/01/16/a-fixed-term-single-premium-immediate-annuity-helps-keep-you-in-control/
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