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Although Americans seem to value annuities, fewer have bought them for retirement, a TIAA study shows. (Photo: Shutterstock)

If you ask them, most Americans will tell you they would prefer a monthly income of $2,700 a month for life rather than a $500,000 lump-sum retirement payment.

But that doesn’t mean they actually have that choice. According to TIAA’s 2017 Lifetime Income Survey, while 62 percent of Americans say they’d opt for that lifelong monthly check, only 32 percent of those surveyed say their retirement plan offers such an option.

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