Mature couple with cake.Like most people planning and saving for retirement, you were probably alarmed at the recent turn of events in the stock market. Toward the end of August, the market experienced a large drop that made headlines and alarmed investors. But for the average person, saving for retirement, what does this mean?

With many of today’s retirees and soon-to-be retirees feeling financially unprepared for retirement, it has become clear that much of our public policies need to change. Those who once counted on the stock market to provide them with financial growth are now feeling wary or even doubtful about their ability to retire any time soon.

Luckily, there are many insurance products that can help you plan for a stable retirement, and they aren’t subject to the ups and downs of the stock market. An annuity is one such product. While annuities that guarantee a lifetime stream of income are rare these days, the right annuity can help you to accomplish a similar goal.

Many employers now offer a deferred fixed annuity as one investment option included with 401(k) plans. Encouraged by the Obama administration to broaden retirement options, about 1 in 5 companies also expects to add some form of guaranteed income product to their offerings within the next year. Lawmakers are hoping to help the next generation of retirees find ways to convert some or all of their 401(k) plans into an annuity product for greater income stability.

But you don’t have to wait on politicians or even your employer to catch up to the trend. Annuity products are sold through licensed insurance agents, who can guide you through your many options. Once you achieve a guaranteed stream of income, you may be able to retire with more confidence in your future stability.