Jack is 55 and has been given the following pension projections for retiring at age 60. His wife Jill is ten years younger, has only worked on an occasional basis, and has no retirement savings.

a) $4,000 per month with 5 year guarantee, 60% to survivor

b) $3,900 a month with 15 year guarantee, 60% to survivor

c) $3,000 a month with 5 year guarantee, 100% to survivor

d) $2,900 a month with 15 year guarantee, 100% to survivor

What can they do to maximize their after tax retirement income?