Are you coming up on retirement and trying to choose the best payout option for your employer pension? If you are deciding between a monthly benefit and a lump sum, you need to understand exactly how "Joint Life" and "Installment Refund" payouts work—and more importantly, what you are giving up when you choose them!

In this video, Shawn Plummer from The Annuity Expert breaks down exactly what a Joint Life Annuity with Installment Refund actually means. Shawn explains how the "Joint Life" feature guarantees an income for both you and your spouse, while the "Installment Refund" guarantees that if you both pass away prematurely, your heirs will receive the remainder of your original investment paid out over time.

However, Shawn issues a massive piece of advice: there is often a much better way! Instead of permanently annuitizing your pen ...