For a single 85-year-old woman in very good cardiovascular and cognitive health...

I wouldn't try to answer such a question.
You'd have to know an awful lot of things, most especially other pensions and bequest goals, none of which I would really want to ask about or know the answers to.

But a general comment:
One of the nice things about annuities is that it isn't all-or-nothing. You can put $50k or $100k into one, maybe put more into another one later if that seems like a good idea. It might look attractive. For a one time payment of $100k, an 85-year-old lady in the US can get over $14k/year for life these days. Sometimes predictability is comforting.

There is something to be said for going with more than one insurance firm for one's annuities, not always the ones with the highest payments, and *definitely* not one owned by a private equity firm.

Jim

Retirement Investing FAQ

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