A. There are several options you could consider that provide retirement income:
- Safe money investment tools such as CD, money market
- A reasonably safe retirement portfolio with 60% in stocks and 40% in bonds
- Cash value life insurance products
Of the above options, which strategy has the best chance for successful outcomes?
Professor David Babble from Wharton School and Professor Craig Merrill of the Brigham Young University published a study titled Rational Decumulation (see attached below), the finding -
Lifetime income annuities are the most efficient way to provide retirement income.
The study finds that annuities require 25% to 40% less money than any other means to provide the necessary income.
There are many lifetime income annuity products on the market. How to select the best lifetime income annuity?
For starters, the current #1 seller at Amazon - Pay Checks and Paychecks: Retirement Solutions for Life is a good one worth reading (see it from our recommended personal finance reading list).