A 60-year-old individual is ready to retire but has no pension plan. They have $800,000 in personal savings and a whole life insurance policy that pays $100,000 on death. The individual considers the following options: A. Invest the $800,000 and withdraw $50,000 each year to live from. B. Purchase an annuity from an insurance company that sells annual life annuities of $40,000 for $800,000. Describe the pros and cons of each.