Which type of annuity would best suit a couple planning to retire in 6 months, ensuring benefits for as long as they both live?

The ideal choice for a couple planning to retire in 6 months, who seek benefits for as long as both partners live, is an immediate annuity with a joint life and survivor payout option. This type of annuity begins payments almost immediately, aligning perfectly with their upcoming retirement timeline.

A joint life and survivor payout option ensures that both individuals receive income for their lifetimes. If one spouse passes away, the surviving spouse continues to receive benefits, thus providing financial security for both parties throughout their retirement years. This structure addresses the couple's primary concern of ensuring income for the duration of both of their lives, making it an optimal solution for their situation.

In contrast, the other options might not effectively meet their needs. Options that include deferred payments would delay the receipt of benefits, which is unsuitable given their imminent retirement. While an immediate annuity with a cash refund feature could provide some benefits, it does not guarantee lifelong income for both individuals, which is a fundamental requirement for this couple. The emphasis on joint survivorship in the correct answer distinguishes it as the best fit for their long-term financial security needs.