Jim is 50 years old, childless, and was financially dependent on the income of his recently deceased wife, Alexis. When Jim attains age 60, he will be eligible to collect Social Security benefits as Alexis' widower. He wants an annuity that will provide an income until he is eligible for Social Security benefits or dies, whichever occurs first. An annuity that would be particularly suitable for Jim is

Question

Quizplus · Accepted Answer

A 10-year temporary annuity is particularly suitable for Jim because it provides income for a specific period (10 years), which aligns with the time until he can collect Social Security benefits as Alexis' widower. This type of annuity ensures he has an income until he reaches age 60 or dies, whichever occurs first, matching his needs.

Jim Is 50 Years Old, Childless, and Was Financially Dependent