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NYS Comptroller

Thomas P. DiNapoli

Preparing for Retirement

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Part Seven: Choosing Your Retirement Option

Choosing Your Retirement Option

Option Payments:

  • Maximum benefit w/no payments to a beneficiary after your death, or
  • A reduced monthly benefit for possible payment to a beneficiary

Once you file your retirement application, you’ll have to make a decision on how you want your retirement benefit paid. While there are several options from which to choose, all of them provide you with a monthly benefit for your lifetime.

Each option pays a different amount and is based on such factors as your age at retirement, your beneficiary's age or the length of time he or she is eligible to receive your benefit.