Maurice, age 55, will be getting a full pension at age 65. Combinedwith his expected government benefits,

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Question:

Maurice, age 55, will be getting a full pension at age 65. Combinedwith his expected government benefits, Maurice expects that the pensions will provide adequate cash flow to meet his goals. Maurice was let go from his current employer and was given a lump-sum payout as compensation for his years of service. Maurice would like to invest this lump-sum in a vehicle that will give him a steady stream of income until he starts receiving his pension. Which of the following options would meet Maurice's objectives?

a) impaired annuity
b) accumulation annuity
c) registered retirement income fund
d) term annuity