Set your initial target.
For example, you could cover 100% of essential expenses in retirement with a combination of lifetime income from Social Security and annuities.
Choose your income.
The amount of assets you choose to turn into lifetime income, whether that is variable or fixed, and whether it is for a period of time or for life are all very personal decisions. Base these decisions on your savings, your needs and your lifestyle and the fit within your overall plan which may include income from multiple sources.
Option to start slow and potentially grow.
You don’t have to annuitize all at once. You can turn a portion of your savings into lifetime income today, another portion 5 or 10 years into retirement, and so on.
Adjust income as necessary.
You can combine payment options according to your needs. For example, by initially annuitizing only a portion of your accumulation, you can supplement your income using a withdrawal strategy to cover near-term expenses.