How to receive "pension-like" Income without a Pension?

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 Unlike previous generations most retirees today do not have the benefit of a company pension. Rather, their retirement is funded through a defined contribution plan and personal savings. Therefore, it is of paramount importance to determine the best avenue to utilize those assets. Is Guaranteed Lifetime Income needed for one person or are two lives affected? In addition, the income plan must also address the effect of taxes and inflation.