Lifetime Income

Lifetime income refers to a financial arrangement or strategy that provides an individual with a steady stream of income for the duration of their life. This income can come from various sources, such as pensions, annuities, Social Security benefits, or investments that are specifically designed to generate ongoing payouts. The primary goal of lifetime income is to ensure that individuals have a reliable source of funds to cover their living expenses during retirement, reducing the risk of outliving their savings. It emphasizes financial security and stability, allowing individuals to maintain their desired standard of living without the worry of depleting their assets. Lifetime income products can vary in terms of how they are funded and how benefits are calculated, but they all share the characteristic of providing continuous financial support throughout a person's lifetime.