All pensions are annuities, but not all annuities are pensions.  What’s the difference?
   Pensions offer retirees life income and benefits can be shared with a spouse only.  At retirement most employer plans will offer a single choice from “six standard payout options.”  Option one pays the most money monthly, but only to the participant until death; options two through six pay less, with the spouse getting a continuing fractional amount until death.  Live long, get a lot.  Die together a day after retirement begins, payments cease.  Providers smile when liability ends and plans retain all your unpaid money.
   Annuities offer more choices, to include life and time specific payouts.  Beneficiaries other than spousal can also receive monetary benefits.  Most important, every provider pays out at a different rate based on each $1,000 of value in the plan.  To be able to shop for an annuity provider with highest rates can mean as much as double the income each month from the same plan balance.  Bank savers shop interest rates.  Retirees should shop payout rates with all structured settlements to see who will pay the most for life.
   Get information from several qualified annuity specialists.   This irrevocable decision lasts a lifetime.
SEE THE NEED AND THEN PROCEED, TO BE PREPARED.