"Despite the shift from defined benefit (DB) to defined contribution (DC) retirement plans, there is little evidence that the annuity-like income share of total income has fallen for aged families -- and, in particular, for low-income aged families -- over the past three decades. This basic result remains unchanged when we consider more comprehensive income definitions and when we focus on aged families with retired heads of family. Nonetheless, many middle- and high-income aged families would experience a sizeable increase in monthly income if they annuitized their wealth."