After the last two years, people are concerned about outliving their assets or running out of money after they retire (if they even can retire). "How can I be sure that I won't outlive my assets?" is one of the most-asked questions that we field.

It's an excellent and timely question. Many retirees and those soon-to-be-retired, who have seen their investments savaged by the recent turbulent stock and bond markets, are very concerned that they'll outlive their assets.

How to make sure that doesn't happen is not a question with a "one size fits all" answer. Obviously, a lot depends on how much you have and what lifestyle you choose to live in retirement.

One investment to consider for a guaranteed lifetime income is an "income annuity."

Now, this may come as a shock to those of you who know us, because we are NOT fans of variable annuities. (See "Beware Annuities.") But…we do believe, that fixed annuities are appropriate for some investors.

Although there are a number of different choices with immediate annuities, the one we will discuss here is an immediate income annuity.

It works like this: you give a strong insurance company a specific sum of money in exchange for the company's guarantee that it will send you a monthly check for the rest of your life or for a specific period of time. (Click here for more on how to find a financially sound insurance company.)

The amount of the monthly payment you'll receive depends on the amount invested, your life expectancy (women, generally, receive less per month because they live longer) and whether you include your spouse and beneficiaries in your coverage.

Important Factors to Consider

• You lose control of your money. We generally don't recommend an investment in which you lose control of your money, although some companies will offer limited access as part of their immediate income annuities (but you will quite possibly receive a lower monthly payment to maintain that control). An immediate annuity is an irrevocable decision. You can't change your mind. You can't "cash it in."

  Dolan Straight Talk Tip: If an immediate annuity is an appropriate investment for you, we recommend that you invest only a portion of your retirement money so you can maintain control over the rest.

Next: More considerations and the Dolan's Bottom Line.

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