IQ: Consumer Education at Educators

IQ Fifty Plus Guide

Retirement Planning

Financial Planning and Saving for Retirement

Pension payouts

Depending on your company plan, you may choose among various pension payout options when you retire. Typically, you may elect to receive a pension either in one lump sum upon retirement or in monthly payments for either a) the remainder of your life (single life option) or b) the remainder of both your life and that of your spouse (joint survivor option). Your company human resources department should provide information to help you estimate the total amounts you may receive under various options.

Annuity payouts

Annuities come in several types, such as deferred or immediate annuities, fixed rate or variable annuities, and fixed-period or lifetime annuities (the monthly payment is for a fixed period or for the beneficiaries lifetime). Each of the variables effects the total projected payout for the annuity. Consult your policy or annuity company to determine how to estimate the payout for your policy.

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IQ Fifty Plus Guide is prepared by Remar Sutton and Associates and licensed to Educators Credit Union. Copyright 2007. All rights reserved.


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