Short answer: the Life Only annuity pays the most each month, for your life alone. The other options pay less so a beneficiary keeps getting paid after you die (see survivor benefits). The accelerated payment option pays more at first and less once Social Security is expected to start (see Social Security). Every option still gets annuity adjustments. Load a 30-year teacher at 65 in the calculator.
These use the factors printed in ETF's booklet ET-4107, which are dated January 1, 2020. ETF says some factors changed for benefits starting January 1, 2026. Your ETF estimate will have the factors that apply to you.
The seven options
- For Annuitant's Life Only. Paid for your life; no death benefit.
- Life Annuity with 60 Payments Guaranteed. If you die before 60 payments, the rest go to your beneficiaries.
- Life Annuity with 180 Payments Guaranteed. If you die before 180 payments, the rest go to your beneficiaries.
- Joint and Survivor, 75% Continued to Named Survivor. Your named survivor gets 75% of your payment for life. If the survivor dies within your first five years of payments, your payment increases to the Life Only amount.
- Joint and Survivor, 100% Continued to Named Survivor. Your named survivor gets the same payment for life. If the survivor dies within your first five years of payments, your payment increases to the Life Only amount.
- Joint and Survivor, Reduced 25% on Death of Annuitant or Named Survivor. When either of you dies, the other gets 75% of the payment for life.
- Joint and Survivor, 100% Continued to Named Survivor with 180 Payments Guaranteed. Survivor gets 100% for life; if both die before 180 payments, the rest go to your beneficiaries.
Each option is your Life Only amount × a factor. Multiply the For Annuitant's Life Only amount by the factor. For formula calculations, non-protective members use the factors for their actual age or age 62, whichever is lower. For money purchase calculations, always use the factors for your actual age. ET-4107 (rev 3/5/2025), p. 12, Option Conversion Factors
In dollars: ETF's example
ETF's sample retiree: age 59, Life Only $1,028.74 a month, named survivor 53, Social Security of $840 expected at 62.
| Option | You get a month | Accelerated |
|---|---|---|
| Life Only ends at your death | $1,028.74 × 1.000 Check with ETF | $1,708.38 to 62, then $868.38 |
| 60 payments guaranteed the rest of the guaranteed payments go to your beneficiary | $1,025.65 × .997 Check with ETF | $1,705.77 to 62, then $865.77 |
| 180 payments guaranteed the rest of the guaranteed payments go to your beneficiary | $1,005.08 × .977 Check with ETF | $1,688.41 to 62, then $848.41 |
| Joint & survivor 75% then $694 to your survivor | $925.87 × .900 Check with ETF | $1,621.54 to 62, then $781.54 |
| Joint & survivor 100% then $896 to your survivor | $896.03 × .871 Check with ETF | $1,596.36 to 62, then $756.36 |
| Joint & survivor, reduced 25% when either of you dies, the other gets $704 | $938.21 × .912 Check with ETF | $1,631.96 to 62, then $791.96 |
| Joint & survivor 100% + 180 guaranteed then $895 to your survivor | $895 × .870 Check with ETF | $1,595.49 to 62, then $755.49 |
How the accelerated amount is worked out
- Cost: $840 Social Security × 0.1909 (factor for age 59) = $160.36.
- Life Only after 62: $1,028.74 − $160.36 = $868.38.
- With the 100% joint and survivor factor .871: $756.36 a month for life.
- Before 62, add back the $840: $1,596.36 a month. Check with ETF
ETF estimates Social Security from tables that assume a full career (30+ years) under Social Security unless you send your own SSA estimate. The temporary portion gets the same annual Core/Variable adjustments as the lifetime portion. If you die before 62, the temporary portion is paid as a death benefit until you would have reached 62. ET-4107 (rev 3/5/2025), p. 4, Accelerated Payment Options
In dollars: a full career at 65
A teacher at 65 with 30 years and $5,000 final average earnings: Life Only $2,400 a month, survivor 63. For the formula, ETF uses the age-62 factors for anyone 62 or older.
| Option | You get a month |
|---|---|
| Life Only ends at your death | $2,400 × 1.000 Check with ETF |
| 60 payments guaranteed the rest of the guaranteed payments go to your beneficiary | $2,390.40 × .996 Check with ETF |
| 180 payments guaranteed the rest of the guaranteed payments go to your beneficiary | $2,323.20 × .968 Check with ETF |
| Joint & survivor 75% then $1,663 to your survivor | $2,217.60 × .924 Check with ETF |
| Joint & survivor 100% then $2,162 to your survivor | $2,162.40 × .901 Check with ETF |
| Joint & survivor, reduced 25% when either of you dies, the other gets $1,714 | $2,284.80 × .952 Check with ETF |
| Joint & survivor 100% + 180 guaranteed then $2,158 to your survivor | $2,157.60 × .899 Check with ETF |
ETF's $1,000 comparison
What each option pays for every $1,000 of Life Only, from ETF's booklet:
| Option | 57 & 53 | 60 & 59 | 65 & 65 |
|---|---|---|---|
| Life Only | $1,000 | $1,000 | $1,000 |
| 60 payments guaranteed | $998 | $997 | $996 |
| 180 payments guaranteed | $982 | $975 | $968 |
| Joint & survivor 75% | $916 | $920 | $934 |
| Joint & survivor 100% | $892 | $896 | $914 |
| Joint & survivor, reduced 25% | $930 | $941 | $969 |
| Joint & survivor 100% + 180 guaranteed | $891 | $895 | $911 |
Column heads: your age & your survivor's. The age-65 column matches the age-62 factors. ET-4117 (rev 10/31/2025), p. 9, Relative Value of Annuity Options (Example A)
ETF's factors
Guaranteed payments, by your age
| Age | 60 payments | 180 payments |
|---|---|---|
| 55 | .998 | .985 |
| 57 | .998 | .982 |
| 60 | .997 | .975 |
| 62 | .996 | .968 |
| 65 | .995 | .955 |
| 67 | .994 | .941 |
| 70 | .990 | .913 |
Joint and survivor, you 62 (the formula factor for 62 and older)
| Survivor | 75% | 100% | −25% | 100% +180 |
|---|---|---|---|---|
| 45 | .832 | .787 | .835 | .787 |
| 47 | .840 | .798 | .845 | .798 |
| 49 | .850 | .809 | .856 | .809 |
| 51 | .860 | .821 | .867 | .821 |
| 53 | .870 | .834 | .880 | .833 |
| 55 | .881 | .847 | .893 | .846 |
| 57 | .892 | .861 | .907 | .860 |
| 59 | .903 | .874 | .921 | .873 |
| 61 | .913 | .888 | .936 | .886 |
| 63 | .924 | .901 | .952 | .899 |
| 65 | .934 | .914 | .969 | .911 |
ETF prints odd survivor ages only, and member ages 50-70. ET-4107 (rev 3/5/2025), p. 13, Life Annuity Joint and Survivor 75% Continued to Named Survivor; ET-4107 (rev 3/5/2025), p. 14, Life Annuity Joint and Survivor 100% Continued to Named Survivor; ET-4107 (rev 3/5/2025), p. 15, Life Annuity Joint and Survivor Reduced 25% on Death of Annuitant or Named Survivor; ET-4107 (rev 3/5/2025), p. 16, Life Annuity Joint and Survivor 100% Continued to Named Survivor with 180 Monthly Payments Guaranteed
ETF's printed tables go by whole years of age, and the survivor tables list only odd survivor ages (45, 47 ... 65). ETF's own calculator uses your exact age.
What we use: your age in whole years on your start date; for an even survivor age, halfway between the two nearest rows (marked as estimated)
Accelerated payment factors
| Age | Factor | Age | Factor |
|---|---|---|---|
| 50 | 0.5505 | 56 | 0.3396 |
| 51 | 0.521 | 57 | 0.2939 |
| 52 | 0.49 | 58 | 0.2446 |
| 53 | 0.4572 | 59 | 0.1909 |
| 54 | 0.4213 | 60 | 0.1326 |
| 55 | 0.3821 | 61 | 0.0691 |
ETF's printed option, accelerated and money purchase factors are dated January 1, 2020. ETF says some factors changed for benefits starting January 1, 2026, and it hasn't published the new tables in the booklet we use. Amounts that use these factors may be a little off.
What we use: the factors printed in ET-4107 (rev 3/5/2025)
Rules to know
- Any person may be named survivor; for a non-spouse 10 or more years younger the IRS limits the options. The named survivor can be changed or removed only within 60 days after the first payment (a spouse can later be removed by a 0% QDRO, but no new survivor can be named). ET-4117 (rev 10/31/2025), p. 4, Joint and Survivor Annuity Options
- Spousal consent is required unless you pick a joint and survivor option with your spouse, apply for additional contributions only, have been married less than one full year before the annuity effective date, or are legally separated. ET-4117 (rev 10/31/2025), p. 7, Consent of Spouse or Domestic Partner
- You can change your option only if ETF receives the request within 60 days after your first payment. ET-4117 (rev 10/31/2025), p. 8, Changing Options
- If the For Annuitant's Life Only amount is below the annual minimum you get a lump sum only; at or above the minimum but below the maximum you may choose; above the maximum, monthly only. For 2026: under $278 a month, lump sum only; up to $577, your choice. ET-4107 (rev 3/5/2025), p. 4, Annuity Payment Options; ET-8816b (rev 10/20/2026), Page 1 of 1, Minimum Normal Form Annuity / Maximum Normal Form Annuity as a Lump Sum
Two ETF documents word the small-benefit limits slightly differently. They differ only if your Life Only amount is exactly on a limit.
What we use: at or above the minimum allows monthly payments; exactly at the maximum allows either
What the sources say
- Seven monthly options: Life Only; Life with 60 or 180 payments guaranteed; and four joint and survivor options (75% continued, 100% continued, reduced 25% on either death, and 100% continued with 180 payments guaranteed).ET-4117 (rev 10/31/2025), pp. 2-4, What is an Annuity? / Annuity Options
- Under the 75% and 100% joint and survivor options, if your named survivor dies within your first five years of payments, your payment goes up to the Life Only amount.ET-4117 (rev 10/31/2025), p. 4, Joint and Survivor Annuities
- For a Life Only amount of $1,000 at 57 with a 53-year-old survivor: 60 guaranteed $998, 180 guaranteed $982, 75% J&S $916, 100% J&S $892, reduced 25% $930, 100% with 180 guaranteed $891.ET-4117 (rev 10/31/2025), p. 9, Relative Value of Annuity Options (Example A)
- For a formula benefit, option factors use your actual age or 62, whichever is lower; for a money purchase benefit, your actual age.ET-4107 (rev 3/5/2025), p. 12, Option Conversion Factors
- Accelerated payment: if you start before 62, you can take a temporary extra amount until the month after you turn 62, roughly matching your future Social Security. It's paid for by a permanently lower amount after 62 (in ETF's example, $1,596.36 before 62 and $756.36 after).ET-4107 (rev 3/5/2025), pp. 4 and 9, Accelerated Payment Options / steps J-S
- ETF estimates the Social Security amount for an accelerated option from tables that assume a full 30+ year career under Social Security, unless you send ETF your own SSA estimate.ET-4117 (rev 10/31/2025), p. 5, Life Annuities with Accelerated Payments
- Small accounts: if the Life Only amount is under the year's minimum ($278 a month in 2026) you get a lump sum only; up to $577 you can choose a lump sum or monthly; above that, monthly only.ET-8816b (rev 10/20/2026), Page 1 of 1; ET-4107 (rev 3/5/2025), p. 4
- You can change your option, or your named survivor, only if ETF gets your request within 60 days after your first payment.ET-4117 (rev 10/31/2025), pp. 4 and 8, Joint and Survivor Annuity Options / Changing Options
- If you've been married at least a year and don't pick a joint and survivor option with your spouse, your spouse must sign to waive it.ET-4117 (rev 10/31/2025), p. 7, Consent of Spouse or Domestic Partner
Questions
Which option pays the most?
For Annuitant's Life Only: the highest amount, for your life only, with nothing after you die. Every other option pays you a little less.
How much less do the survivor options pay?
It depends on your age and your survivor's. In ETF's booklet, for a 57-year-old with a 53-year-old survivor, $1,000 Life Only becomes $892 under the 100% option and $916 under the 75% option.
What's the accelerated payment?
If you start before 62, you can take extra money each month until 62, about the size of your future Social Security, and less for life after that. It works with any of the seven options.
Can I change my mind?
Only if ETF gets your request within 60 days after your first payment.
Are these factors current?
They're the factors ETF prints in ET-4107, dated January 1, 2020. ETF says some factors changed for benefits starting January 1, 2026, so check with ETF for your exact amounts.
Source: Your Benefit Handbook (ET-2119), 6/18/2026, with Calculating Your Retirement Benefits (ET-4107, rev 3/5/2025), ET-2119 p. 13; ET-4107 pp. 4, 9, 11, 12, 13, 14, 15, 16; ET-4117 pp. 2, 3, 4, 5, 6, 7, 8, 9; ET-8816b; Wis. Stat. s. 40.24. Last reviewed .