I have a pension plan at work. What distribution option should I choose?
Congratulations! Pension plans – with a guaranteed retirement income stream – are a wonderful benefit.
A commonly used option for a married couple is Qualified Joint and Survivor. This might be a good option if your spouse has a pension or other sources of cash or if there’s a significant difference in your ages or health.
For a single person with heirs, Life with 10 Years Certain is the common method of receiving pension benefits. If you don’t have heirs, you might want to look at other options.2