Lifetime income refers to a guaranteed stream of payments that continues for as long as you live, regardless of how long that may be. Unlike a traditional savings account that you can deplete, lifetime income provides the financial security of knowing you'll receive regular payments—monthly, quarterly, or annually—throughout your entire retirement, no matter if you live to 75 or 105.

The most common source of lifetime income is Social Security, which provides a foundation of guaranteed monthly payments based on your earnings history. Beyond that, you can create additional lifetime income through pension plans (if you're fortunate enough to have one), annuities purchased from insurance companies, or certain retirement investment products designed to provide income guarantees.

Lifetime income addresses one of retirement's biggest concerns: longevity risk, or the possibility of outliving your savings. While it offers powerful peace of mind, it typically requires giving up some flexibility and access to your principal. The key is finding the right balance—enough guaranteed income to cover your essential expenses, while maintaining sufficient liquid savings for unexpected needs and opportunities.