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Financial Tax Retirement Advisor Joe Gleason in Surprise Arizona discusses creating your own retirement pension with annuities.

Retirees with pension envy increasingly are turning to annuities to restore some financial security to what are supposed to be their golden years. But with payouts near multiyear lows, it's important for them to consider how much to buy and when to pull the trigger—and whether a different strategy might better suit their needs.

Politicians and economists have proposed using so-called immediate fixed annuities to help prevent workers from running out of money during retirement. The gist: You trade a lump sum to an insurance company for a fixed income for life, which is typically an irrevocable move.

Currently, a 65-year-old man paying $100,000 for an immediate fixed annuity can get about $7,600 a year for life. That's much more than he would be able to produce from an investment portfolio of the same size, assuming he withdraws no more than 4% a year, the limit financial advisers generally recommend.

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