Timur and Marguerite recently met with the benefits administrator at Timur's employer to establish his retirement date and to discuss payout options for his pension. Timur just turned 67, while Marguerite, a self-employed artist, will be 62 in 6 months. The benefits administrator was helpful in outlining potential sources of income that they can expect in retirement. Annual estimates are as follows:
Social Security $ 11,000
Defined-benefit plan $ 20 ,000 (single life annuity)
Marguerite's work $ 7,750
Defined-contribution plan $ 10,140 (single life annuity)
Other $ 3,250

The defined-contribution payout was calculated based on a 401(k) balance of $ 260,000 earning approximately 7.8 percent. The benefits administrator indicated that a 100 percent joint and survivor annuity would decrease yearly benefits by about $ 3,000 in the defined-benefit plan and $ 1,500 in the defined-contribution plan.

Based on the information provided, which type of annuity would you recommend that Timur and Marguerite choose given the difference in their ages and earnings?