9 Ways to Not Run Out of Money in Retirement

8) Consider an Annuity

If you aren’t hesitant about handing over some of your cash to an insurance company, you can benefit from purchasing an immediate annuity. This annuity can provide you with a stream of guaranteed payments throughout the remainder of your life. Many people who are retiring find it beneficial to annuitize part of their savings for retirement so they can generate enough income to pay their regular expenses, such as utility bills, insurance premiums, car payments, and so forth. You know that your fixed expenses will be covered regardless of how the financial market is performing. The cons to making a move to an annuity is that your heirs won’t receive any money you have annuitized and if you aren’t careful you could end up with an annuity that is complicated and has costly fees.