No pension? No problem! A secret to lifelong retirement income.

To read this story on KSL.com, click here.

“If you don’t have a pension, you could face one of the biggest risks in retirement today,” warns financial advisor Ryan Thacker. “And that risk is running out of money in retirement.”

Many families approaching retirement today are suddenly realizing their retirement could look very different from previous generations.

It wasn’t that long ago that a significant percentage of private companies offered some kind of pension for their employees. Today only 15% of private industry workers have access to a defined benefit plan with guaranteed income in retirement, according to the U.S. Bureau of Labor Statistics.

These pensions promised lifelong income to support you in retirement, no matter how long you lived.

For retirees lucky enough to have a pension, this income gives an incredible sense of security and confidence. The money will just keep pouring in month after month, for the rest of their lives.

But if you’re like most folks approaching retirement today, you don’t have that security. All you have to count on is whatever you can squeeze out of a struggling Social Security program, plus whatever you’ve been able to sock away in an IRA or 401(k).

The great IRA & 401(k) experiment.

You might ask why this happened. The truth is, it was the result of a hopeful experiment.

It started in November 1978, when Congress created the 401(k) – the first tax-deferred individual retirement savings plan.

The inventors of the 401(k) hoped this would allow individuals to accumulate more total retirement savings. And for some folks, this has worked out splendidly.

But the biggest downside is that it triggered a massive shift in who is responsible for your income in retirement. If you can save money in an IRA or 401(k) – why should your employer also offer a pension program?

Today, very few private employers offer these pensions. So at the end of your career, you’re left with whatever you’ve saved on your own. And for many folks on the doorstep of retirement, this is creating a big challenge.

The downside of spending your savings

You need disposable income in retirement. You need money to pay bills, and money for activities and experiences. Many retirees have the goal of replacing 80% of their working income. Others feel like they need even more.

Social Security alone won’t be enough. And by 2037, the Social Security Administration projects trust fund reserves will be exhausted, meaning the situation is likely to get worse.

This means you need to tap into your savings in your IRA or 401(k) accounts.

But there’s a major risk here. Unlike a pension where the next month’s payment is guaranteed, you can spend down your entire life savings to $0. And once that money is gone, it’s gone.

It gets even worse when there is a downturn in the stock market. Because if you’re forced to withdraw money when your investments are down, you’re locking in losses.

Recent research shows this has a chilling effect.

Retirees who fund their retirement 100% with savings spend only half as much as those who have a reliable life-long income source. This means less of life’s little pleasures. Less checking things off the bucket list. Less generosity to the grandkids. Less of whatever you want your money to do for you in retirement.

A 2025 Allianz Life survey found that 70% of Americans fear running out of money – more than they fear death itself. Perhaps this is why people naturally grow so tight-fisted when they don’t have a pension – and they’re just living off savings.

A personal pension alternative

There’s good news, even if you don’t have a pension.

You can transform a portion of your retirement savings into a life-long income stream that behaves a lot like your own personal pension. Below is a list of what this could do for your retirement:

• Provide consistent monthly income for the rest of your life.
• Protect against outliving your money.
• Provide continued payments for your spouse and kids after you’re gone.
• When the stock market goes up, your money grows. When the stock market goes down, your principle is protected.
• Gain confidence and freedom to spend money in retirement.

For many retirees, this takes a huge weight off their shoulders. You don’t have to worry about the ups and downs of your investment portfolio, or how quickly you’ll spend down your savings.

You simply convert a portion of your savings into this income stream, and enjoy retirement with far less financial worry.

Now you can enjoy lifelong retirement income

This personal, pension-like income source comes from an insurance product called an annuity. This is a contract typically with a highly rated insurance company. You put a certain amount of money down, and depending on the annuity you choose, your contract could include each of the benefits listed above.

Not all annuities are created equal, of course. Some shouldn’t be touched with a 10-foot pole.

But the right annuity could be your secret to the kind of reliable life-long retirement income you wish you could get from a pension. That’s why millions of retirees are flocking to them – and why annuities are as popular today as they’ve been in almost 20 years.

For many families, this is the one tool that could help you close the gap between where you are now, and the kind of reliable life-long income that could help you retire with confidence.

If you’d like to discover what kind of monthly income could be available to you in retirement, B.O.S.S. Retirement Solutions offers a free B.O.S.S. Retirement Income Analysis, even if you’re not a client yet.

B.O.S.S. reviews all of your sources of income in retirement, including Social Security, IRA and 401(k) withdrawals, and any other investments. Then their experts look at the best ways to maximize your income – including options to create a contractual, life-long income stream through annuities as a pension alternative.

B.O.S.S. financial advisors can help you understand all of your options and identify how you could create a customized income plan. So you can enjoy the security and freedom that come with knowing you’re protected against running out of money in retirement.

Request your B.O.S.S. Retirement Income Analysis online here.

B.O.S.S. Retirement Solutions has helped over 50,000 families reduce their taxes, make the most of their Social Security benefits, and plan smarter for retirement. They are a five-time winner of Utah’s Best of State award, and are frequently featured on NBC, CBS, and ABC TV, and on local radio stations.

---

About the Authors: Tyson Thacker and Ryan Thacker are the CEO and President of B.O.S.S. Retirement Solutions. They are published authors of the book, The B.O.S.S. Retirement Blueprint, and they’ve helped thousands of area families plan for a better, more secure retirement. They are a six-time winner of Utah’s Best of State Award and have seven offices located throughout the Wasatch Front.

This is for illustrative purposes only, results may vary. Advisory services offered through B.O.S.S. Retirement Advisors, an SEC Registered Investment Advisory firm. Insurance products and services offered through B.O.S.S. Retirement Solutions. The information contained in this material is given for informational purposes only, and no statement contained herein shall constitute tax, legal or investment advice. The information is not intended to be used as the sole basis for financial decisions, nor should it be construed as advice designed to meet the particular needs of an individual’s situation. You should seek advice on legal and tax questions from an independent attorney or tax advisor. BOSS submitted applications and paid application fees to be considered for the Utah Best of State for Retirement Planning awards. The award results were independently determined by the awarding organization’s criteria (https://www.bestofstate.org/about.html) and the information BOSS provided in the applications. BOSS received the Utah Best of State award in 2019, 2020, 2021, 2022, 2023, and 2025. Our firm is not affiliated with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.with the U.S. government or any governmental agency. Marketing materials provided by Infinity Marketing Services.