A steady cash flow stream is one of the most valuable things you can have, both before and after you retire. Pensions guaranteed by the PBGC and Social Security are two forms of this "protected income," and are designed to pay you as long as you live, regardless of current stock market conditions.

But if you don't have a pension, or your Social Security isn't enough to cover your short-term needs, then you may want to consider purchasing another form of protected income, one that you also cannot outlive. But those guarantees come at a cost, and you need to make sure that cost is worth it for you.
How do you determine that? Find out who should (and who should not) consider a form of protected income with podcast host Johnny Dean and his guest, "Professor" Rick Plum, CFP® on this week's episode of Managing Your Financial Future!