Vanguard Group has slated a third annuity product for the fall, the Lifetime Income Program. The new product, in development in conjunction with AIG Life Insurance Co., is an immediate annuity that will allow investors to opt for fixed or variable payments for life.

Market uncertainty spurred the company into developing the new offering, according to James Gately, managing director of investment programs and services at Vanguard. "Using a portion of your retirement savings to purchase an immediate annuity can generate income to help meet basic living expenses and provide peace of mind that you will not outlive your assets," Gately said.

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