You can turn part of your retirement savings into a paycheck for life. But it takes careful planning | CNN Business

If you’ve spent your career in the private sector, chances are you won’t get a pension in retirement.

Not having that steady paycheck can make retirees nervous about spending the money they’ve squirreled away, especially given that Social Security will replace only 40% of pre-retirement income on average.

But there are ways to convert part of your nest egg into a predictable income stream that, when coupled with Social Security, can cover your essential expenses in retirement.

Combating a common fear

Creating your own paycheck can spare you from the biggest fear for many retirees: running out of money before they die.