We have concentrated on building up our nest egg, the accumulation phase. Now let's take a look at three different distribution phase retirement income strategies, bonds only versus a balance of stocks and bonds versus a life insurance annuity. (Stay away from annuities! I have warned you!) For those of us who are willing to continue to see past the inevitable market downturns, the news is good ... unless the world ends. (Did we mention that there are no guarantees? Good. Just wanted to make sure. If you choose the guaranteed annuity, you are guaranteed to get screwed by the life insurance company!)