What type of annuity would be the best choice for a retired couple wanting to maximize income until both die?

A joint and survivor annuity is the most suitable option for a retired couple aiming to maximize their income for as long as both individuals are alive. This type of annuity guarantees that as long as one spouse is living, they will continue to receive periodic payments. The payments may decrease after the first spouse passes away, depending on the specific structure of the annuity, but the critical feature is that it provides a steady income stream for both partners throughout their lifetimes.

This characteristic addresses the couple's need for ongoing income while ensuring that the survivor is not left without financial support after the first spouse dies. It provides security and peace of mind, knowing that income will continue despite changes in their circumstances.

In contrast, a single life annuity only provides income for one individual, which may leave the surviving spouse without sufficient financial resources. A term certain annuity provides payments only for a specific period, which may not align with their goal of lifetime income. Finally, a variable annuity's payments can fluctuate based on the performance of underlying investments, adding uncertainty to their financial planning during retirement. Thus, the joint and survivor annuity emerges as the most beneficial option for maximizing income for both members of the couple until both have passed away.