  We study the optimal investment-consumption problem for a member of defined
contribution plan during the decumulation phase. For a fixed annuitization
time, to achieve higher final annuity, we consider a variable consumption rate.
Moreover, to have a minimum guarantee for the final annuity, a safety level for
the wealth process is considered. To solve the stochastic optimal control
problem via dynamic programming, we obtain a Hamilton-Jacobi-Bellman (HJB)
equation on a bounded domain. The existence and uniqueness of classical
solutions are proved through the dual transformation. We apply the finite
difference method to find numerical approximations of the solution of the HJB
equation. Finally, the simulation results for the optimal
investment-consumption strategies, optimal wealth process and the final annuity
for different admissible ranges of consumption are given. Furthermore, by
taking into account the market present value of the cash flows before and after
the annuitization, we compare the outcomes of different scenarios.
