For each of the following retirement objectives, identify an annuity that can be used to meet the objective. Treat each situation separately.

1. Nancy, age 67, plans to retire in six months. She has $200,000 in a savings account. She would like to receive lifetime monthly income which is guaranteed.

1. Fixed life annuity
2. Variable annuity
3. Equity-indexed annuity

2. Jennifer, age 63, plans to retire in 90 days. She has $100,000 to invest in an annuity and would like to receive lifetime monthly income to supplement her Social Security benefits. However, she is concerned that she might die before she receives back the amount invested.

1. Fixed life annuity
2. Fixed life annuity with cash refund
3. Variable annuity
4. Equity-indexed annuity

3. Mary, age 75, is a widow with no dependents who needs additional retirement income. She has $25,000 to invest in an annuity. She wants to receive the maximum amount of guaranteed monthly annuity income possible.

1. Fixed life annuity
2. Fixed life annuity with cash refund
3. Variable annuity
4. Equity-indexed annuity

4. Jed, age 32, is looking for a tax-sheltered investment/saving tool for his retirement which allows him to invest in a variety of investment assets.

1. Fixed life annuity
2. Fixed life annuity with cash refund
3. Variable annuity
4. Equity-indexed annuity

5. Kathy, age 38, would like to invest in the stock market, but she is conservative and risk averse. She would like to participate in any stock market gains, but she also wants her principle guaranteed against loss.

1. Fixed life annuity
2. Fixed life annuity with cash refund
3. Variable annuity
4. Equity-indexed annuity

6. Ben, age 65, purchased an immediate annuity for $120,000 which pays a life time monthly income of $1500. Based on actuarial tables, Ben has a life expectancy of 20 years. For the current year how much of the annuity income is taxable income?