Retirement income without annuities

Despite lacking a guaranteed income, investors who purchase a target distribution or managed payout fund will get a regular check determined by the fund’s performance — and can move their money any time. Target distribution funds are managed like mutual funds; the fund company makes asset allocations and invest in stock and bond funds. Five companies have released funds like these, and at least two more are planning to, according to the Journal. John Hancock Funds expects to launch a target distribution fund this summer, and American Century Investments and T. Rowe Price Group Inc. are both working on similar products.