• Know your retirement plan options.money, money, money image by easaab from Fotolia.com
  
  Many workers spend their entire lives planing for a comfortable and financially secure retirement. Once that long awaited day arrives, retirees need to determine how much money they need and how they can structure their nest eggs to best meet those financial goals. Planning for life in retirement is just as critical as building your retirement nest egg.
  
  

Immediate Annuity

• An immediate annuity transforms a lump sum into a string of guaranteed monthly payments. This option can be a very attractive one, particularly for retirees who worry that they will exhaust their nest eggs too soon. When buying an immediate annuity, however, retirees need to consider the erosive effects of inflation. Higher prices can really eat into purchasing power over time, so you might want to consider an immediate annuity with monthly payments indexed to inflation. You will receive less money initially, but these indexed payments can preserve your purchasing power.
  
  

Structured Withdrawals

• Setting up a structured withdraw from your retirement plan is one of the best ways to ensure you will have the money you need to meet your day-to-day expenses without running out of money too soon. Financial experts typically recommend that retirees withdraw no more than 4 percent of their total portfolios during the first year, according to an article from CNNMoney.com. After the first year, retirees withdraw another 4 percent, plus the rate of inflation, to maintain their purchasing power without drawing down the portfolio too much. These structured withdrawals can be set up with the individual retirement account (IRA) custodian, and the money can be automatically transferred to the retiree's bank account.
  
  

Part-Time Work

• One way to stretch your retirement nest egg and get more out of your retirement is to take on a part-time job. Working in retirement carries a number of important benefits, from greater financial stability to increased social interaction. Many retirees simply find that they miss the day-to-day interaction with coworkers that is such a big part of a job. Taking on a part-time retirement job is an excellent way for retirees to stay engaged and active, and every dollar earned in retirement is one less dollar that does not need to come from the retiree's nest egg.