More than a third (35 percent) of all retirees receive income from an annuity, according to new analysis from LIMRA.

Most who draw income from an annuity are older retirees, those above the age of 75.

Jafor Iqbal, a retirement researcher at the financial services consulting firm, says most retirees depend on pensions and Social Security to fund daily expenses, with annuities making up 4 percent of income. But, "In the coming years, we expect to see fewer Americans retiring with pensions and more relying on their personal savings to fund their retirement.  Annuities will provide a reliable way to convert that savings into a guaranteed income stream."

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