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I Will be 69.5 and my wife will be 70 when I retire next year. My company has a defined benefits retirement plan with several options.One option is to take 25% in lump sum with remaining 75% in monthly installments. I have just about ruled this out based on potential payout over time. With or with out lump sum, there are options to take from 100% to 50% in order to provide for the surviving spouse. The dilemma is predicting how long either of us will live. My health is reasonable while hers is fraught with medical problems. I want her to have enough to live on if I die first, while optimizing our income while we both are alive. Any suggestions?

Hire a certified financial planner for 2 or 3 hours of their time (cost of $500 to $600, probably) and get a professional analysis of your situation and computerized investment withdrawal scenarios. Your question is a very important one and the answers will affect the quality of your life and your wife's for years to come. It deserves a thorough analysis with a competent advisor. To find one in your area, call 1-800-282-PLAN or 1-888-FEE-ONLY or visit the Web sites www.fpanet.org, www.cfp-board.org, and/or www.napfa.org. Read Unit 10 of the Investing For Your Future course available online at www.investing.rutgers.edu to learn more about questions to ask and how to select a professional advisor.