US retirees still suffer from lack of savings, inflation, and rising debt — but aging Americans with guaranteed income can breathe easier. Here’s 3 ways to earn steady cash in retirement

Traditional workplace pension plans

A traditional pension, also known as a defined benefit plan, is an employer-sponsored retirement account. As in, the employee can receive a guaranteed fixed monthly amount during their retirement years.

The amount is based on a series of calculations, including salary history and duration of employment.

Jobs that offer traditional defined benefit plans have steadily declined over the years. According to the Bureau of Labor Statistics (BLS) data, only 15% of employees at private companies have access to pension plans.

While a lot of private companies don’t offer this type of guaranteed income to its employees, many jobs in the public sector — think: police, firefighters, and teachers — still do.

Those who receive pension payments will mostly likely need to pay taxes, typically at the regular income tax rate.

If you work for an employer that offers a pension, check to see how you can access this during retirement. Even if you’re among the 39% of retirees who receive this form of guaranteed income, according to the EBRI survey, see whether the amount is enough for you to live on.

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Annuities

Annuities are a type of insurance product where you purchase a contract that generates guaranteed income over time or in one large payment.

You can choose between paying a lump-sum premium or having it spread out over several payments. There are three main types of annuities: fixed, variable, and indexed.

Fixed annuities guarantee you earnings at a minimum interest rate and a fixed amount of payments over a specified amount of time. They are regulated by state insurance commissioners.

Variable annuities, on the other hand, will put your dollars towards a variety of investments (typically mutual funds), so the payout will depend on factors such as the rate of return and expenses. The U.S. Securities and Exchange Commission (SEC) regulates variable annuities.

With indexed annuities, your contract is set up so that you'll earn returns that are typically based on a stock market index. They are regulated by state insurance commissioners.

You can purchase annuities from insurance companies, mutual fund forms, brokerages, and certain financial institutions.

However, before you sign on the dotted line, make sure you understand the contract, including which investments you can choose, the details of your premiums, and any additional fees you may need to pay if you withdraw from the annuities before a certain date.

Social Security

Yes, some of the money that gets taken out of your regular paycheck (with the exception of some state and local government jobs) goes toward a form of guaranteed income during retirement.

Social Security is one of the most common types of guaranteed funds, with eight out of 10 surveyed in the aforementioned EBRI report saying it represents about half of their total current income.

As long as you've worked and paid Social Security taxes for at least 10 years, you should be able to receive a payout once you're 62 years old. Of course, you can wait until you're older if you want to receive a higher amount.

The amount you’re paid out per month is based on factors such as the amount you paid into Social Security taxes and your marital status. To estimate how much you could get, be sure to register for a Social Security account.

If you’re still uncertain about which route to take, consider going to a trusted financial adviser for assistance in customizing your retirement to suit your lifestyle and financial goals.