Research indicates that retirement savings are likely to be inadequate for many Americans and particularly for women. Recent losses in the stock market and poor economic conditions underscore that many U.S. workers are at risk of having insufficient income to provide for a secure retirement.

Ensuring access to a reliable stream of income throughout an individuals lifetime is important for all Americans and particularly for women, who on average live longer, earn less, and spend less time in the workforce than men.

This issue of Workforce Strategies has three parts. The first outlines the importance of guaranteed lifetime income to retirement security, especially for women. The second advances two specific policy proposals: requiring employer-sponsored defined contribution plans to offer lifetime income options and informing workers about lifetime income options. Finally, the third part argues against two alternative policy proposals: providing tax-preferred treatment of annuity income and weakening existing spousal protections.