Retirement today requires more planning than in previous generations. Sources of steady retirement income have changed, as fewer and fewer workers are covered by traditional employer-provided pensions that provide a lifetime benefit. In addition, advances in medicine have resulted in increased longevity. Today’s retirees may spend 20, 30 or more years in retirement.

Given this landscape, workers nearing retirement face an imminent crisis: how to generate a stream of income that is guaranteed to last throughout retirement. Whether they have access to employment-based retirement plans or not, achieving stable and secure income in retirement is a challenge for many Americans.