There was a time, not so long ago, when many Americans felt comfortable planning for a 15- or 20-year retirement. Of course, they had pensions, they felt good about the viability of Social Security, and interest rates were robust.

Today, pensions have all but disappeared, Social Security is on near life support, and interest rates continue to hover near historic lows, making retirement income planning even more challenging. Retirees are now looking into alternative guaranteed solutions, like annuities.

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