Relative Cost of Retirement Benefit Options

If I am entitled to $1,000/month under the normal form of Life Guaranteed 5 years, how much does that translate into for all the different options?

The amount under the different options will vary based on your age and your spouse’s age. Here is an example for someone age 65 with a spouse of a similar age:

For Life options:

  • Life Only: $1,005
  • Life Guaranteed 5 Years: $1,000
  • Life Guaranteed 10 Years: $984
  • Life Guaranteed 15 Years: $957

For Joint & Survivor options

  • Joint & 50% Survivor: $932
  • Joint & 50% Survivor Guaranteed 10 Years: $921
  • Joint & 60% Survivor: $919
  • Joint & 60% Survivor Guaranteed 10 Years: $910
  • Joint & 100% Survivor: $869
  • Joint & 100% Survivor Guaranteed 10 Years: $868