Jim welcomes back Wade Pfau Ph.D., CFA and a Professor of Retirement Income at The American College. They discuss the challenges faced by retirees wanting to enjoy a full retirement, and yet not outlive their income. Dr. Pfau discusses the probability-based and safety-first schools of thought on retirement income planning, and why some combination of the two might be the best approach. They discuss why annuities have received criticism as a retirement vehicle, and how one particular type, the income annuity, might provide significant help with the longevity risk that many retirees now face. Dr. Pfau also notes that with an overvalued market and very low-interest rates, retirees should at least be planning for the possibility of lower stock market returns than historical norms in the years ahead.