When retirement plan participants retire, their choice of income option (one-life, two-life, etc.) is critical, since it will determine the level of life-income benefits and the degree of protection for survivors. This issue describes the TIAA-CREF life-annuity income options and guarantee periods and traces trends in their selection over the period 1978-94. Differences in option choices by men and women according to option, age, and annuity accumulation amount are described. Other income-related choices at or before retirement are also explored, including the transfer payout option and minimum distribution payments.
