These days, even the government is worried about individuals having enough resources to get through retirement. A new study from the Government Accountability Office (GAO) recommends that retirees might want to delay Social Security benefits and invest in an annuity to provide enough money to last through the “golden years.”

“The risk that retirees will outlive their assets is a growing challenge,” says the GAO report. It goes on to say the recent economic downturn, combined with the increase in life expectancies and increased health care costs could create problems with retirees saving for a secure future.

The study, which was ordered by Senator Herb Kohl (D-WI), recognizes that employers are moving from pension style retirement plans to 401(k) savings account has put a lot more responsibility on Americans to manage their retirement. In essence, this changing dynamic means Americans are left without a steady income in retirement.

The GAO thinks an annuity might be that solution. The study says that a 66-year-old couple with an annuity contract purchased for $95,500 could provide around $4,200 in payments a year until the death of the surviving spouse.

With an uncertain future growing for government programs, it’s time for Americans to consider other means of saving for retirement. They can no longer count on their employer or the government to get through retirement. An annuity could present a secure way for Americans to have a steady stream of income through retirement.

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