Investors spend their whole career skrimping, saving, and investing for retirement. Once you actually retire, though, it's a whole new ball game, and the question becomes how you can get the cash flow you need to survive without a paycheck.

One recent financial innovation is the managed payout mutual fund. These promise to pay you a steady, regular stream of income from your investments, regardless of the income or capital gains those investments produce. Although that kind of security sounds exactly like what crisis-frazzled investors want, does the strategy really work, or is it masking a bigger danger that smart retirees need to face sooner than later?

Source: Motley Fool

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