With defined benefit plans on the outs, companies with defined contribution plans are looking for better ways to help their employees understand what they need to retire in comfort and help them to achieve that.

One way is to include guaranteed lifetime income products within their plans, according to a white paper by DrinkerBiddle.

"Lifetime Income in Defined Contribution Plans: A Fiduciary Approach"  looks at the significant risks workers face now that they don't have access to defined benefit plans. One of the biggest challenges is a lack of understanding about the amount of money they will need to retain their current lifestyle and the likelihood that most people will outlive their retirement income. Many people also don't understand how much money they can withdraw from their retirement accounts and still have money left 20 years down the road.