When you say retirement, there are various visualizations on how to spend this stage of life. Some see themselves on the golf course frequently. Some can see themselves traveling. Some see themselves with their family, compensating for lost time. Some see themselves as hands-on grandparents. Some pick up from where they left off, meaning they ignite their passions or hobbies which they had to set aside because of family responsibilities.
Now that those responsibilities are done, it's time for 'for-me' time. You can indulge yourself as much as possible by engaging in activities that have always appealed to you. You can do this by fixing your finances and your retirement plans in such a way that you can do what you have been meaning to do and at the same time still have something for a rainy day.
A benefit plan must provide you with guaranteed and specific retirement income which is calculated on the total years you have been employed and the average of the few years of salary that you have obtained during your final years (final because this is the highest annual salary you have received in your career). After obtaining the sum from the percentage multiplier, this amount is said to be the benefit for the retiree and is paid out on a monthly basis. There is an additional percentage for the spouse after the pensioner passes away.
Below are annuity options which you the pensioner must choose from. Annuities are payments made over the course of time. Remember that only one option must be selected and once the decision has been made, this is final. The annuity option can no longer be changed, altered, spindled, mutilated or folded for any reason. Therefore, read carefully.
1. Joint and 50%
This means that you will gather the payment which you have accumulated during your whole employment tenure while you are living. When you die, your spouse gets half of the amount that has been left for his/her remaining years.
2. Joint and 66 2/3%
This means that you will get the payment you have accumulated during your whole employment tenure while you are living. When you die, your spouse gets 2/3 of the amount for his/her remaining years.
3. Joint and 100%
This means that you will get the payment which you have accumulated during your whole employment tenure while you are living. When you die, your spouse gets the same amount you are getting for his/her remaining years.
4. 10 Year Certain and Life
This means that you will be getting the payment which you have accumulated during your whole employment tenure while you are living. If, let's say, you die within the 10-year retirement stage, then your beneficiary will be collecting the same amount that you were getting until the whole plan matures or reaches its 10th anniversary. After this, the whole payment cease.
5. Life Only
This means that you will be getting the payment which you have accumulated during your whole payment tenure while you are living. When you die, all payments cease.
6. Lump Sum
This means you take the cash value of your payments and the basis annuity benefit you acquire from your recruitment plan. Upon paying this lump sum, all your recruitment benefits are disbursed and there are no other benefits that you are due.
Initially these choices may seem daunting but most recruitment companies are concerned that you get your whole life money's work worth. It should only cost you the same. Some companies actually have actuaries that allow you to calculate how much you will be getting in the span of years upon choosing each recruitment annuity.
No matter which one you decide, the cost that is expected is the same. If you are an individual who have a composite of beneficiaries, then you have to consider options that will also benefit them.
The most foolish choice you can make in selecting the right retirement plan is to handle your own investments without consulting the opinion of those who have had the experience of handling these financial affairs. You need to be really good with numbers in order to come up with the best deal. If you have the flair for bonds and can mix it with stocks and get twice the return in a span of 15 to 20 years time, then you are good to go. If not, you may have to consider getting a financial adviser. | 
