Core Insights - The article emphasizes the importance of developing a strategic approach to convert retirement savings into sustainable income, highlighting that 93% of 401(k) participants desire guaranteed lifetime income options, which are often lacking in current plans [2][7]. Decumulation Strategies - Decumulation, or the process of drawing down savings, is identified as a significant challenge in retirement planning, with many retirees feeling unprepared due to market volatility, taxes, and healthcare costs [3][4]. - A smart withdrawal strategy is crucial, balancing immediate living needs with the necessity of funding a potentially long retirement [3][4]. Building a Reliable Income - Establishing a foundation of guaranteed income is a recommended first step, which includes identifying fixed expenses and creating a core income floor from reliable sources like Social Security or pensions [5][7]. - The bucket strategy is suggested for structuring income sources, where short-term needs are met with cash or bonds, while equities and growth-oriented investments address medium- and long-term needs [6][7]. Annuities and Income Tools - Fixed annuities are highlighted as a popular option for retirees seeking guaranteed income, with 90% of 401(k) participants open to using them for steady retirement income [8]. - There is a growing interest among plan sponsors to incorporate fixed annuities into 401(k) plans, although they are not the only income option available [8].