Do you need a steady paycheck in retirement, or are you ok with withdrawing money as you go? Not sure? Then you aren't alone.

We spend decades focused on accumulating money for retirement, but give little thought to how we'll spend it when we retire. Will we create a guaranteed stream of income deposited in the bank each month, or will we pay as we go, taking solace in the fact that the money is there when we need it?

The paths are vastly different. If you choose the guaranteed route, it means taking a portion of your savings and turning it into a steady paycheck, typically through an annuity . If you choose the pay-as-you-go route, it means making periodic withdrawals from your retirement account when you need the funds.

From just $107.88 $24.99 for Kiplinger Personal Finance

Become a smarter, better informed investor.…