I think everyone dreams of a retirement where they can live a long and happy life. This has been researched by PhDs around the world, and the answers may surprise you. Research shows that people with a guaranteed lifetime income source tend to be happier and live longer. I still remember The Wall Street Journal headline that read, “The Secret to a Happier Retirement is Friends, Neighbors and a Fixed Annuity". The article went on to say that the happiest people in retirement were those who were surrounded by friends and had sources of guaranteed lifetime income. Let me ask you a question: Who are the happiest people you know in retirement? I’ll bet it’s those who are retired from the military, the government, teachers, and firefighters. It’s people with pensions! Happiness in retirement is based almost 100% on guaranteed lifetime income, not assets.