What can you do with your expiring annuity?

When your annuity expires, you generally have the following options:

You have the entire capital paid out in one lump sum. This can be tax-advantageous, but often results in a high tax assessment.
You purchase an annuity that pays out monthly or annually, often until your death. This provides security and a stable additional income.

You postpone the benefit until a later time (within the tax limits). Handy if you do not need extra income immediately.

Pay out a portion directly and convert a portion into a benefit.