I am getting ready to retire and have 4 choices on how to receive my retirement and haven't a clue on which one to use.

1. Maximum retirement allowed but benefits cease at my death

2. Reduced benefit; beneficiary is paid balance of annuity savings in a lump sum

3. Reduced benefit; beneficiary receives 100% of lifetime surviorship benefit

4. reduced benefit; beneficiary receives 50% of lifetime survivorship benefit

My husband is same age as me and is working

We have a 15 year old son

Any help or insight?

1. You retire and the second day of retirement you die in car wreck,
family gets nothing

2. lump sum is normally taxable

3. you get lowest monthly retirement amount

4. lower monthly amount but not as low as 3

When is husbnad going to retire, how is his health, Do you have a college fund for child already done.

If you die with option one, will husband by hiself earn enough to put child though college, pay household expenses and any extra care for son.

Only you know what would work right for you,

For myself, I would choice either 3 or 4, and the choice between would be how much reduced the amount was between the two.

My husband's health is good and is planning on retiring at normal retirement age. We do have a PACT for my son.

If the annuity is rolled into another retirement or IRA will it still be taxable?