The annuity contract will have the conditions or terms needed to start & what payment structure options. It’s to me not really ever a DIY as tax implications and if your on / or looking to be on any “at need” program there’s income issues. Freqflyer is spot on as to meeting with your FA beforehand.
We had bonds that were over 30 yrs old. They accumulate no more interest after that. We accumulated enough interest to put in an annuity. With an annuity you need to leave it alone for a few years to accumulate interest. We were 67 and 69. I would suggest you check with a financial advisor. My car insurance company provided us ours.