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Single premium deferred age 65
Sorry ... NJ ... Lump sum ... Start taking income at 70
I would recommend putting it in a 5 year FA or IA. Then look at a SPIA when you hit 70.
We have historically low interest rates right now. It is extremely likely that you will create a higher income by waiting to lock in the payout rate.
Midland has a 2.75% 5 year Fixed Annuity.
Athene has a 5 year Index Annuity that has a 2.55% Spread with uncapped gains.
In 5 years payout rates will likely be much higher. Wait until then to lock them in.
7 years ago I was selling variable annuities with living benefits...5% for life at 65 was the norm. Now we have FIAs at that level and higher...in a much lower rate environment.
SPIAs will certainly look better, but I can't see the FIA GMWB bands being significantly higher in the future.
(I can still appreciate and utilize your strategy though...)