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For retirement plan participants, as well as many sponsors, it's safe to say that guaranteed lifetime income products are the least-understood financial offering. How can they tell which ones are predatory vs. those that are beneficial? This Q&A with Pat Rowan aims to consider some questions around that topic. Rowan is senior managing director of retirement income strategies and products at TIAA.

BenefitsPRO: What are some of the key factors to making sure you're prepared for retirement given the current health and financial crisis?

Pat Rowan: The current crisis is a reminder of why securing a portion of your savings in a guaranteed income solution during your savings years can be particularly important. As the crisis unfolds, we are reminded that as we save for retirement, we are still susceptible to many unknown factors like market events that can impact an individual's timeline for retiring. Annuities are growing in popularity as people recognize they can take a portion of their retirement savings and secure a stream of retirement income that will last as long as they live, like a pension.