Ways To Generate A Retirement Income That You Can’t Outlive

Shawn Plummer

CEO, The Annuity Expert

Retirement is something we all look forward to. It’s when we can finally kick back and relax after years of hard work. But retirement can also be a source of anxiety, especially regarding finances. One of the biggest concerns for retirees is having a retirement income that lasts as long as they do. In this article, we’ll explore ways to generate a retirement income that you can’t outlive so that you can enjoy your golden years without financial worries.

Maximize Your Social Security Benefits

Social Security benefits are an essential part of most people’s retirement income. However, many retirees don’t take advantage of their Social Security benefits. Maximizing your Social Security benefits can ensure a reliable and long-lasting retirement income.

Delay Taking Social Security Benefits

Delaying taking Social Security benefits can increase your benefits by up to 8% per year. This increase can help you generate a more substantial retirement income that will last longer. It may be worthwhile if you cannot delay taking your benefits.

Coordinate Spousal Benefits

Married couples can coordinate their Social Security benefits to maximize their retirement income. In addition, coordinating spousal benefits can help ensure both spouses receive a lifetime of income.

Invest in an Annuity

An annuity is a financial product that can provide a guaranteed income for life. An annuity can effectively generate a retirement income you can’t outlive.


Annuitization is a process that allows you to convert a sum of money, such as a retirement savings account, into a guaranteed income stream for life. By annuitizing your savings, you essentially purchase an annuity, which provides a fixed and guaranteed income stream you cannot outlive.

Sweeping The Interest

Sweeping the interest from a fixed annuity means you earn a guaranteed interest rate on your investment, spend the interest as a source of income, and preserve the original investment.

Purchasing A Lifetime Income Rider

A Guaranteed Lifetime Withdrawal Benefit (GLWB) is a feature that can be added to some annuities. It provides a retirement income you can’t outlive by guaranteeing a fixed income stream for life, regardless of how the annuity’s underlying investments perform.

With a GLWB, you make an initial investment into the annuity, and then you can withdraw a fixed percentage of that investment each year for the rest of your life. The percentage you can withdraw is based on your age when you start taking withdrawals, usually between 4.5% and 7%.

Even if the underlying investments in the annuity perform poorly, the GLWB guarantees you will receive a fixed income stream for life. This makes it a popular choice for retirees who want to ensure they have a reliable and lasting income stream that they cannot outlive.

Understand Different Types of Annuities

Many types of annuities are available, each with its benefits and drawbacks. Before investing in an annuity, it’s essential to understand the different types and how they work.

Consider the Pros and Cons

An annuity can provide a guaranteed income for life but has some downsides. For example, annuities can be expensive and may not keep up with inflation. Therefore, before investing in an annuity, it’s essential to consider the pros and cons carefully.

Create a Diversified Investment Portfolio

A diversified investment portfolio can help ensure a retirement income that lasts as long as you do. In addition, by spreading your investments across different asset classes, you can reduce your risk and generate a reliable income stream.

Understand Asset Allocation

Asset allocation is dividing your investment portfolio among different asset classes. Understanding asset allocation is essential for creating a diversified investment portfolio.

Work With a Financial Advisor

Working with a financial advisor can help you create a diversified investment portfolio that meets your retirement income needs. In addition, a financial advisor can provide you with guidance and advice on the best investments for your situation.

Next Steps

Planning for retirement can be daunting, but it’s essential to have a retirement income that lasts as long as you do. Maximizing your Social Security benefits, investing in an annuity, and creating a diversified investment portfolio can generate a retirement income you can’t outlive. Remember to consult with a financial advisor before making any investment decisions, and always do your research before investing in any financial product. You can enjoy your golden years without financial worries with the right approach.

Ways To Generate A Retirement Income That You Can’t Outlive

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Shawn Plummer

CEO, The Annuity Expert

I’m a licensed financial professional focusing on annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine.

The Annuity Expert is an online insurance agency servicing consumers across the United States. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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