There are two phases to every retirement plan: the accumulation phase and the income phase. All the planning in the world during the accumulation phase can be for not if the correct income options are not implemented. Many retirement plans consist of investment vehicles that are designed for savings, growth, and deferral, however, none of these will assist you in accessing your money during your golden years without implementation of the proper income strategy.
When considering retirement income the most important goal is often to ensure income for the rest of your life, regardless of how long you may live. In order for you to ensure that you are able to enjoy your retirement it is necessary for you to have adequate income for the financial requirements of life as well as the pleasures of life but most importantly it is necessary for you to have your income guaranteed for life. The only financial vehicle that can guarantee that you are able to maintain a consistent financial quality of life for as long as you live, no matter how long you live, is an Annuity.