Why do consumers enthusiastically lock in a temporary 5% bank rate, yet completely refuse to look at an ironclad, contractually guaranteed lifetime retirement income floor?

Turning 59½? Still working? You might be surprised by what you can do with that 401(k) you've been contributing to for years. And no, you don't have to retire first! So what's so magical about this age? Let's get into it.

It is easy to tell someone to “ride it out” when they have enough money to wait for the market to recover. But for everyday Americans balancing retirement savings with mortgages, student loans, credit card debt and medical bills, a badly timed downturn can change far more than an account balance.

Most people spend decades building a retirement account, but very few spend time thinking about how they'll actually live on it. Sometimes the most important retirement conversation starts with one simple question: "Cool...you've got money. Now what?"

Most people were told $1 million was the retirement finish line. But that number doesn’t mean what it used to. The real issue isn’t just how much you save. It’s whether your money is structured to actually work when you need it.