Part 1 of this post made the point that if your goal is to receive sustainable lifetime income, in addition to Social Security, fixed income annuities offered by life insurance companies will meet your need. Please read Part 1 to learn about the three types of fixed income annuities, including each one's income start date.
If you're seeking total flexibility for your lifetime income start date, then a fixed index annuity ("FIA") with an optional income rider is your best bet. Unlike single premium immediate annuities ("SPIA's") and deferred income annuities ("DIA's") where the sole purpose is to provide sustainable income, a FIA can fulfill multiple financial needs, a discussion of which is beyond the scope of this post. When you purchase a FIA, assuming your goal is sustainable lifetime income, you must purchase an optional income rider with an annual income rider fee.