Does an Annuity Belong in a 401(k)?

Unlike pensions, 401(k)s place the risk of outliving savings squarely on the retiree's shoulders. Find out what's right for you.

Little white piggy banks standing on top of 7 stacks of coins in ascending order on white surface, green background
(Image credit: Getty Images)

When 401(k)s began replacing private employer pensions decades ago, employees lost a crucial piece of their retirement plan: a guaranteed lifetime income stream. Unlike pensions, 401(k)s place the risk of outliving savings squarely on the retiree's shoulders.

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David Rodeck
Contributing Writer, Kiplinger's Retirement Report