Direct answer
It depends on whether you have access to a defined-benefit plan through your employer; if you do not, an annuity is often your primary way to replicate that guaranteed lifetime income stream.
Financial regulatory guidance regarding defined-benefit plans versus individual retirement income products. For additional information about retirement income planning, see the Consumer Financial Protection Bureau‘s retirement resources.
What this means for you
It depends on whether you have access to a defined-benefit plan through your employer; if you do not, an annuity is often your primary way to replicate that guaranteed lifetime income stream.
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