For his part, purchasing what are called deferred income annuities and qualifying longevity annuity contracts or QLAC is "easy way to cut off the risk of running out of money," Finke says. "Buying a lifetime income through a deferred annuity that starts at age 80 or 85 can make retirement income planning much easier because you always know that you'll have a base income that won't run out in old age. Most of us economists are big fans of the tax-advantaged QLACs because they give you a tax break from avoiding required minimum distributions and annuitization when it is most valuable." 4. Reverse mortgage