Joint-Life Payout

A joint-life payout is an employment retirement option you can choose (as opposed to the single-life payout default option) when you retire. While a single-life payout makes sure only you get your retirement benefits, joint-life payout means you get the payout when you retire and someone else continues to get it after you die.

The obvious and common case of this is married folks who use a joint-life payout so that their spouse can continue to receive their retirement benefits after they’ve died. If you died and your spouse survives you, but you opted for the default single-life payout...then your spouse will lose you and your retirement benefits. Double whammy.