It’s been said the retirement years are the golden years of life. However, for many retirees the expectations of gold have been tarnished by financial challenges. The expectation of creating a secure retirement income from savings CD’s is anything but secure with the lowest interest rates since the depression. For those who have their retirement savings in the financial markets, the extreme volatility over the past decade and recent losses have also created uncertainty for retirees.

The accounting firm Ernst and Young recently published some eye opening facts regarding vulnerability in retirement. Concerning life expectancies, they stated a 65-year-old woman on average, will live another 20 years. That same woman at 85 will have a 1 in 3 chance to live until 90. At 90 she will have a 1 in 30 chance of living to 100. They also went on to say married couples are more likely to outlive their financial assets than singles. And for those who are newly retired in California, there is a 59% chance of running out of money.

There is no question we are living longer than at any time in history. However, the uncertainty of life means the risk of a reduction in living or running out of money at time in life when one should be able to live worry free. Retirement is the time to live life to the fullest. It’s the time to do what you want when you want to do it and not have to worry about financial matters.

So if you are concerned about income today what are the solutions? If you are still working you can save more But if you are retired do you really want to spend less? That shouldn’t be part of anyone’s retirement life. Consider a lifetime annuity.

You may have heard of lifetime annuities; if not, you probably know someone who has one. It’s a pension. A monthly check guaranteed for life. That is a lifetime annuity.

Lifetime annuities, also known as immediate annuities, come from insurance companies who guarantee you a check for as long as you live. In return for a lump sum of money, insurance companies will pay a monthly income over the life of a single person or joint lives for couples. Even if you live to 120 or more, you will continue to receive a check guaranteed by the insurance company. This means that it’s possible the insurance company could pay out more in income than you paid in a lump sum. That is the risk they take on. The cost to you for this guarantee is that if you died prematurely, your family might not receive an inheritance on this money. However, there are options for this so you could be sure your family receives something.

If you agree that money is about sustaining your life in retirement,