The Government Accounting Office says that “Financial experts GAO interviewed typically recommended that retirees systematically draw down their savings and convert a portion of their savings into an income annuity to cover necessary expenses, or opt for the annuity provided by an employer-sponsored DB pension[i] instead of a lump sum withdrawal. Experts also recommended that individuals delay receipt of Social Security benefits until reaching at least full retirement age and, in some cases, continue to work and save, if possible.” This is from the GAO study: Ensuring Income throughout Retirement Requires Difficult Choices.
As life expectancy increases so does the chances that we will outlive our assets. That’s why it’s so important get the best information available before beginning our retirement income.
[i] See glossary for definition: Defined Benefit Plan