For a couple planning to retire in 6 months, which annuity option best ensures benefits for as long as both live?

The immediate annuity with a joint life and survivor payout option is the most suitable choice for a couple planning to retire in 6 months and wanting to ensure benefits as long as both partners live. This option provides lifetime payments to both individuals for as long as one of them remains alive. Therefore, if one partner passes away, the surviving partner continues to receive payments, which guarantees that both members of the couple will have financial support throughout their lifetimes.

This arrangement effectively addresses the couple's need for security in retirement, as it minimizes the risk of outliving their savings. The immediate nature of the annuity ensures that they will start receiving income right away, aligning perfectly with their planned retirement timeline.

The other options do not provide the same level of security for both lives. The immediate annuity with a life and cash refund option would only pay benefits until both individuals die or would return a lump sum, which may not provide long-term financial stability for the surviving spouse. A flexible premium deferred option with a 20-year period certain guarantees payments for a specific time frame but does not offer the same assurance for the entire lifetime of both individuals. Lastly, the flexible premium deferred annuity with a joint life and survivor payout option is not as suitable because it typically