Remember the good old days when parents and grandparents retired in their 60s and succesfully lived off of their social security benefits and pension income throughout retirement? As you know, those days are long gone. In turn, how do today’s retirees make it? They use a similar strategy coupled with added ingenuity. Many accomplish this feat by creating their own personal pension. But how? They accomplish this feat in the same way their parents and grandparents did, only rather than relying on employer’s to provide guaranteed lifetime income many retirees today carve out a small portion of their assets and earmark those assets for their own guaranteed lifetime income. The same products are used in both scenarious with the only difference being in the days of old, the employer deducted additional earnings from your paycheck to put towards the pensions’s lifetime income, whereas today you keep more of your earnings and would be wise to explore the pros and cons of creating your own personal pension.