Which of the following statements is (are) true with regard to the adequacy of IRA funds during retirement?

I. To assure lifetime income, the IRA funds can be used to purchase a life annuity.
II. The duration of IRA benefit payments depends on the rate of return earned on the invested assets after retirement and the withdrawal rate.
A) I only
B) II only
C) both I and II
D) Neither I nor II

Answer: C