A 37-year-old police officer was looking at options as he planned to retire from law enforcement. When he reaches 20 years of service, he's eligible for a pension of $96,000 annually. If he extends his service to 25 years, he qualifies for a lump sum buyout in addition to his pension, which can be deferred and invested for additional income.

Two married corporate professionals, both 60 years old, had diligently saved $3 million for retirement. They planned to continue working for another five years, with a projected retirement income of $310,000 annually from Social Security and pension distributions. However, all their savings were tied up in tax-deferred accounts like 401(k)s and IRAs, meaning every dollar they withdrew in retirement would be taxed.

A 59-year-old widower was preparing for retirement with a plan to withdraw $59,000 annually. After taxes, that would leave him with about $4,000 each month to live on. His assets included a mix of investments and a Roth IRA, but he was worried about whether his money would last, especially without taking big risks in the market.