What is the most common settlement

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When considering retirement settlement options, the choice often depends on an individual's marital status, financial goals, and preferences for income security. For married couples, the Joint and Survivor option is a popular choice. This option ensures that lifetime payments will continue for the surviving spouse even after the primary annuitant has passed away. It provides both partners with the peace of mind that their retirement income will persist for as long as either spouse is alive. • On the other hand, single retirees commonly opt for a Life with 10-Year Certain option. This plan guarantees payments for the retiree's lifetime and includes a minimum payment period of 10 years. If the retiree passes away before the 10-year period is complete, the remaining payments will continue to their beneficiaries until the end of that period. This choice provides a balance between lifetime income and a safety net for early death, ensuring that beneficiaries receive a portion of the benefits. • To address the limitations of these traditional options, some retirees turn to a Guaranteed Lifetime Withdrawal Benefit (GLWB). The GLWB adds flexibility and can offer higher lifetime payouts than standard settlements. One of its key advantages is that it allows retirees to participate in the market without worrying about running out of money. The GLWB can provide lifetime income while offering the option to leave any remaining funds to beneficiaries, unlike traditional options that may stop payments entirely upon death. This feature can result in more income security and peace of mind, as retirees benefit from both lifetime payments and the possibility of leaving a financial legacy. • Understanding the different settlement options is essential for retirees planning for secure income in retirement. By carefully selecting the best option, retirees can create a retirement plan that supports their financial stability and meets their unique needs, ensuring they make the most of their savings for years to come. • 🔔 Don't forget to subscribe for more insights on retirement planning and financial management! • Visit our website to learn more: https://www.annuityexpertadvice.com/ • Call (770) 755-1565 to schedule a free consultation. • For more resources and content, check us out below! • Instagram: / annuityexpert • Facebook: / annuityexpert • Pinterest: / annuityexpert • Linkedin: / the-annuity-expert

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