Keeping your retirement income options open

Life doesn't stand still Whether a person's retirement lasts 15 or 30 years, they will typically move through three different phases. At the start of retirement, spending is usually higher as the retiree enjoys more recreational activities. In mid-retirement that person may be less active but still remain in good health, so could require less income. In late retirement, it is likely that spending will need to increase again to cover increased household bills and healthcare. The average fixed income product, such as a conventional or level annuity, simply cannot meet these changing requi...