Pension planning — Start thinking about payouts now

Description

Abstract: The traditional pension may seem like a thing of the past, but one survey indicates that more than half of workers are still counting on payouts from one of these “defined benefit” plans in retirement. But should one take a lump sum payout or an annuity? If the latter, should it be a single-life or joint-life annuity? This article describes these options and the factors to consider when choosing one.