There are lots of ways to maintain your lifestyle later on in life. A guaranteed income annuity is one good way to do it. Most people think of an annuity as a pension-like stream of income. When you have one, you basically get a steady "paycheck" for the rest of your life—so you can worry less about managing your money and focus more on living your life.

Everyone has different ideas about what they need when it comes to retirement. That's why talking to a financial professional is a good way to find out what's best for you.