The Brookings Institute recently published a study where they reported that “in a recent nationwide poll, 73 percent of Americans said they do not have the financial skills to manage their money in retirement. Converting retirement savings balances into a stream of retirement income creates difficult choices. The necessary decisions – made in the presence of uncertainty about investment returns, future healthcare expenses, lifespan, and other factors – must balance the twin desires to boost current living standards and to avoid outliving one’s assets. For many people, the solution will involve some form of guaranteed lifetime income – benefits that will be paid regularly as long as the individual survives. Social Security benefits, for example, provide lifetime income, as do payments from defined benefit (DB) pension plans. However, Social Security only provides a modest income for most people, and DB pensions are disappearing in the private sector.” The solution – according to them needed to involve an annuity. Call us if you would like to know more about income streams you can’t outlive. We’re always here to help.