Decisions regarding retirement planning encompass various crucial financial choices, such as transitioning from relying on a monthly salary to utilizing accumulated savings. If your pension plan plays a role in this decision-making process, whether through a lump-sum payment, straight life option, or other possibilities, the planning process can become even more intricate.
After you retire, your pension plan typically offers you at least two alternatives: a consistent income stream or a one-time lump-sum payment. Some plans may present additional choices, such as straight life, period certain, joint-survivor, and pop-up provisions.
How can you navigate through these options and make sense of them all? Which alternative suits your circumstances the best?