Percentages of older people are increasing in most countries. Moreover, in the United States and other countries there is a trend towards reliance on individuals' savings to supplement social retirement plans. This places a considerable burden on individual investors to choose appropriate strategies to use savings to efficiently provide income during their retirement years. This presentation will cover tools of economic analysis that can help inform such choices, including Monte Carlo analysis, equilibrium asset pricing theory, conditions for expected utility maximization and approaches for cost minimization. Their use will be illustrated in an analysis of a complex financial product in which an investment company and a life insurer jointly provide an investment fund with a guaranteed lifetime withdrawal benefit.