Final answer:
GMWBs and GMIBs are insurance products that provide guaranteed income streams for retirees, regardless of market performance.
Step-by-step explanation:
GMWBs stands for Guaranteed Minimum Withdrawal Benefits, which are a type of insurance product that provide a guaranteed income stream for retirees. This type of benefit allows policyholders to withdraw a certain percentage of their account value each year, regardless of market performance.
GMIBs stands for Guaranteed Minimum Income Benefits, which are another type of insurance product designed to provide a minimum level of income during retirement. With a GMIB, the policyholder is guaranteed a certain level of income for life, regardless of market performance.
Both GMWBs and GMIBs are offered by insurance companies and provide retirees with financial security and stability.