what payout option should i choose 
in many cases the joint life option is the legally required default for married account holders they can only elect the single life payout option if their spouse agrees to the choice in writing 3 a spouse might agree to single life for example if they have sufficient retirement income of their own or they believe the account holder will outlive them so they wouldn t receive any payments as a survivor account holders and their spouses will often have several joint life options to choose from for example they may be able to elect a payout to the survivor that s the same amount as the account holder had been receiving more commonly the payout represents 50 or 75 of that amount the survivor may also be able to take a lump sum distribution when the first spouse dies the option they choose will also affect the account holder s payout the larger the spouse s future payout the lower the account holder s current payout will be 4joint life payouts refer to annuities and pension plans the term should not be confused with joint life insurance policies 