“If you are in the Red Zone, then you must export all of the risk to an insurance company,” writes Jim Otar in Chapter 44 of Unveiling the Retirement Myth. “For secure lifelong income, all your savings must be allocated to life annuities. You will need to cut back your expenses, because even if you use all your savings to buy a life annuity, the payments will be lower than the withdrawal rate that you were hoping for. The most effective remedy is to delay retirement.”
