Is Social Security The Only Possible Source of Guaranteed Income for Retirement?

Core Insights - Older Americans are advised to carefully consider the timing of their Social Security benefits, as this decision significantly impacts their monthly income during retirement [2][3] - Social Security provides a guaranteed income for life, unlike personal savings which may deplete over time [3][4] - Annuities are presented as an alternative source of guaranteed income in retirement, functioning as contracts with insurance companies that ensure payments for life [5][7] Summary by Category Social Security - Social Security benefits are crucial for many retirees, serving as either their only or primary source of income [2] - The age at which individuals file for Social Security affects the amount received monthly, making strategic timing essential [2][3] Annuities - Annuities can provide a similar guarantee of lifetime income, addressing the fear of running out of savings [5][6] - There are various types of annuities, including fixed annuities with predictable payments and variable annuities that fluctuate based on market conditions [6][8] - Choosing the right type of annuity depends on individual income needs and risk tolerance, with fixed annuities offering stability and variable annuities presenting potential for higher returns [8]