Americans are starting to live a lot longer than they ever thought they would, throwing a wrench in retirement fund plans that they thought would last them the rest of their life.

That is just one challenge facing the 77 million Baby Boomers, and as they begin to retire, they will need to structure their retirement portfolio in a way that mitigates not just the risk of inflation and the market, but also mortality, by recognizing what products will work best for them in retirement, according to a report from the Fidelity Research Institute, "Structuring Income for Retirement."

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