Annuities offer lots of ways to pay yourself, your spouse, even your heirs. Life insurance companies also tend to give lots of technical terms to these payment options…but don't worry we're going to give it to you in plain English.

First, you may select when your payments will be sent-all at once (also called a lump sum), monthly, quarterly, semi-annually, annually.

Secondly, you can decide who will receive your payments--and for how long. Some options are:

• Payouts for as long as you live. (Annuity jargon: single life annuity)
• Payouts for as long as you and your spouse live. (Joint life annuity)
• Payouts for as long as you live, or at least a certain number of years. So if you die before that certain number of years, payments would continue to your beneficiaries. (Life annuity with period certain)
• Payouts for as long as you live, at least up to the amount you paid in. If you die before your payouts equal what you paid in, payments would continue to your beneficiaries. (Refund annuity)
• Payouts for a certain number of years. If you die before that time, payments would continue to your beneficiaries. (Period certain annuity)

			"A word to the wise." A word to the wise…take time to plan your retirement income. It's not like swinging by the neighborhood ATM before dinner and a movie. You really could be going on a 30-year retirement trip, so plan accordingly. Click here if you want help planning your retirement income.