How to Build a Steady Retirement Income Without an Annuity

Financial author and journalist Jean Chatzky is offering retirees and near-retirees a roadmap to building what she calls a "forever paycheck" — a reliable stream of income throughout retirement — without the cost and complexity that often comes with purchasing a traditional annuity. The strategies are detailed in her newly released book, which targets Americans wrestling with one of personal finance's most pressing questions: how to make savings last a lifetime.

The challenge of generating steady retirement income has grown more urgent as traditional pensions have all but vanished from the private sector, leaving millions of workers dependent on 401(k) accounts and Social Security. Without a guaranteed monthly check from an employer, retirees must essentially engineer their own paycheck — a task that requires deliberate planning and a clear understanding of withdrawal strategies, investment allocation, and spending discipline.

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Chatzky's framework is notable because it sidesteps annuities, which, while capable of providing guaranteed income, often come with high fees, surrender charges, and limited flexibility. By contrast, the approaches she outlines aim to replicate that dependability using assets retirees may already own, potentially preserving more control over their money and their estate.

The book arrives at a moment when millions of Baby Boomers are transitioning out of the workforce and confronting the decumulation phase of retirement planning — a stage that financial advisers say receives far less attention than the decades-long accumulation of savings. Crafting a sustainable income plan is widely considered the central financial challenge of retirement, and accessible guidance from a trusted voice could have meaningful impact for everyday investors navigating that shift.

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