Retirement income: ensuring income throughout retirement requires difficult choices: report to the Chairman, Special Committee on Aging,

"As life expectancy increases, the riskthat retirees will outlive their assetsis a growing challenge. The shift fromdefined benefit (DB) pension plans todefined contribution (DC) plans alsoincreases the responsibility forworkers and retirees to make difficultdecisions and manage their pensionand other financial assets so that theyhave income throughout retirement.GAO was asked to review (1)strategies that experts recommendretirees employ to ensure incomethroughout retirement, (2) choicesretirees have made for managingtheir pension and financial assets forgenerating income, and (3) policyoptions available to ensure incomethroughout retirement and theiradvantages and disadvantages. GAOinterviewed experts about strategiesretirees should take, includingstrategies for five households fromdifferent quintiles of net wealth(assets less debt); analyzed nationallyrepresentative data and studies aboutretirees' decisions; and interviewedexperts and reviewed documentsabout related policy options.GAO received comments on a draft ofthis report from the Department ofthe Treasury and technical commentsfrom the Department of Labor, Internal Revenue Service, Securitiesand Exchange Commission, SocialSecurity Administration, and theNational Association of InsuranceCommissioners, and incorporated...