If you are planning to retire from Boeing or you have recently been offered an early retirement or voluntary layoff, one of the first things you are going to want to do is request your estimated monthly pension from The Boeing Company pension plan in which you participate.

The place to start is to visit www.boeing.com/express and after entering your username and password navigate to My Retirement Income by going to Total Compensation > Benefits > My Retirement Benefits.

One of the options you may be offered is if you would like to take a pension / annuity or lump sum payment. In addition, if you choose the annuity income, then you will need to determine the form of payment you would like which can include options such as a single life annuity or 50 percent surviving spouse.

If you choose to have your annuity income continue for your spouse upon death, then you will take a reduction in monthly benefits compared to a straight life annuity payout.

The key to making a decision is understanding how these choices will impact your overall retirement cash-flow plan. You will want to take into consideration your social security income as well as any other pension income you may be entitled to from previous employers.