Lesson summary and further context
A large account balance does not, by itself, specify the income you can spend or how long the balance may last. Withdrawals, market returns, taxes, and changing prices affect the outcome.
Start with your spending needs and expected income before comparing strategies. Where a product offers a guarantee, examine who provides it, the conditions required, and the tradeoffs in fees and access to money.
Written summary and additional educational context; not a word-for-word transcript.
General education, not individualized legal, tax, investment, mortgage, or insurance advice. Eligibility, outcomes, and product features vary. Insurance guarantees depend on the issuing insurer and contract conditions. Ask qualified professionals about your circumstances.