One last thought. Since the SPIA was purchased with only 10% of our joint portfolio value (in early 2007), we still have 90% of our portfolio to "make up" for inflation loss. BTW, as of this point in time, our joint portfolio slightly exceeds its value of when I retired - even with the purchase of the SPIA.
I guess the plan is working. Once we have our respective SS payments starting, the SPIA (even if worth less) will just be "icing on the cake" when the time comes.
Thanks rescueme. Understand your logic for doing things this way. Instead of lifetime joint I was looking at a shorter term SPIA. For now my plan is to buy a shorter term 5 year SPIA. Save my other income sources for that same 5 years...(does not include investment income or SS). At the end of the 5 years turn around and do it again. But I may go back and research the lifetime quotes and benefits....to see if that is something that makes more sense. It is certainly less leg work than having to revisit it every 5 years.