Immediate Needs Annuity How To Invest For Income At 61?

How to invest for Income at 61? - immediate needs annuity

I have to invest a friend who has 61 years, with about 30K and selling eventualy primary residence and size. This will free 150 to 200 miles from its investment. You will need these funds to generate income for living. I wonder what is the best option for them?

1. CD
2. Investment Funds
3. Bonds
4. Immediate Annuity
5. To produce dividends on blue chips (WMT, GE, MSFT, BAC, and ..)

Is a combination of the foregoing. I wonder if I should administer the funds, or should perhaps manage a professional investment company, your money like Raymond James and Charles Swab?

Advice is appreciated, thank you.