But sometimes the AARP people goof, and they don't always provide appropriate advice for their members. In your case, the AARP-recommended adviser could have improved your annual income by a much bigger number.
In other words, that 7.45 percent fixed annuity payout — $14,900 of annual income — could be improved to $20,000 year. I suggest that you contact Pomona College, a private liberal arts college, founded in 1887, that enjoys a sterling international reputation. Like many colleges, Pomona offers charitable gift annuities (a non-refund annuity) that will pay you a lifetime stream of monthly income. I will not bore you with the details.
It suffices to say that Pomona's AAA-rated fixed annuity will give you, at age 80, an annual income stream of 10 percent. And that's $20,000 a year, which is a little better than the $14,900 offered by the 7.45 percent AARP annuity! Google Pomona College, and compare. Or return to AARP and ask about a non-refund annuity. And I wish you enormous success in finding a young 70-year-old lady. Find her and stay well.
Please address your financial questions to Malcolm Berko, P.O. Box 8303, Largo, FL 33775, or email him at email@example.com.