Getting a Steady Income After Retirement Some people can't wait until retirement. The prospect of taking a break after 40 years of work is very tempting indeed. Everyone imagines sitting outside on the backyard porch sipping tea, working on our rose bush, and other non-stressful activities. Unfortunately, this is only half the story. Of course, retirees like non-stressful activities. However, there are also issues that concern them because retirees don't have a steady income stream if they don't plan for it. Ideally, there should be some form of forced saving while there is a steady flow of income. When they retire, they will be able to draw on this form of savings to allow them to continue with a comfortable lifestyle. Now, what if your personal forced savings are insufficient by the time you retire? We can always fall back on our pension system if available. There are many ways to take advantage of our pension system. One of them is to convert it into an annuity plan. An annuity is a product offered by an institution under which you give the institution a sum of money in a lump sum or over a period of time. In exchange, the institution will provide you with a steady stream of income starting at a future date. The amount of income depends on the size of your initial investment. Beyond that, the best annuity rates and different types of annuities available will also affect your final income. When you reach retirement age, there will be many decisions to make. Everyone is tied to having a comfortable life after leaving the workforce and not having a steady stream of income. The retirement plan you have saved all these years is now available to you. T... middle of the paper... our monthly payments match your age. This is because the older you get, the more likely you are to get sick. Other than that, you should be disease-free at the time of signing. If, for example, you smoke, you will be required to pay higher monthly payments. Again this is due to exposure to risk whereby the greater the likelihood of getting ill, the greater the monthly payment. Without a doubt, private medical insurance can be very expensive these days. However, these are payments that you make every month to be prepared in case you need to conduct a medical procedure. When this happens, substantial expenses will be borne by the insurance company. Imagine if you hadn't signed up for a private medical insurance program. If you had to undergo a medical procedure in the future, it would be difficult for you to pay for the medical expenses.