Find the gap between what you must pay and what is guaranteed for life — then see what closing it costs three different ways. Work the cheapest option first.
Whatever the portfolio still has to produce gets split by when you will need it. This is February's lesson made concrete — the buffer is what keeps a bad market from forcing a sale.
Social Security figures use the standard adjustment schedule for a full retirement age of 67. The lifetime income route uses whatever quote you enter — rates move with interest rates, so use a current one. This compares the capital each route requires; it does not tell you which to choose. Bring it to the March call.
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