To avoid working for your entire life, you have to pay into a retirement plan that helps you fund living in your later years after you retire. If you’re setting up your first retirement account or are thinking of switching to a different one, you have many options available to you.

1. Pensions

While not everyone has access to pensions, it’s important that we discuss them for those that do. Pensions are most popular for government jobs. Everyone has to contribute a certain portion of their paycheck to the pension program. Whenever you retire, you’ll be given monthly payments until you die. Most pensions even offer survivor benefits, so your spouse can continue to receive your pension payments until their death.

2. Defined Contribution Plans

One very popular option among the many retirement account options is the defined contribution plan. You’ll most commonly hear these plans referred to as 401(k)s and 403(b)s. Offered by most employers, this type of account lets you define how much of each paycheck you want to contribute to your retirement savings. Many employers will even match your contribution percentage up to a specified amount.

3. Individual Retirement Accounts

Known as an IRA for short, an individual retirement account is basically a savings account with tax advantages. There are four main types of IRA accounts, which include traditional, Roth, SEP (Self-Employed), and Spousal.

According to the experts at SoFi, “Investors with traditional retirement plans pay taxes on their contributions and earnings upon withdrawal. Those with Roth plans pay taxes on contributions up-front, and their money is able to grow tax-free.

4. Nonqualified Deferred Contribution Plans

With typical contribution plans, the government has set limits that you may contribute each year. For this with a higher income, the nonqualified deferred contribution plan or NQDC can be a great option. This type of retirement plan gives you access to greater contribution amounts by letting you defer a portion of your income for later contributions.

5. Guaranteed Income Annuities

Another popular retirement program to hit the market is the guaranteed income annuity. With this type of plan, you buy a fixed monthly payment for your retirement. For example, you can buy a $100,000 annuity that pays you $521 per month for the rest of your life. The idea is that this type of plan will start paying you immediately.

6. Cash-Value Life Insurance Plan

More and more people are realizing the tax benefits of a cash-value life insurance plan. This allows you to accumulate a tax-free vehicle for your retirement living.

Let’s say that you get a $500,000 life insurance policy. You can opt to take out a loan of $250,000 when you reach the age of retirement, as a lump sum or in several different withdrawals. You can use the money to pay for your retirement living and keep the remaining $250,000 for your spouse or another beneficiary upon your death.

7. Real Estate Income

If you’re getting close to your retirement years and don’t have a retirement plan established, real estate income can be a savor. This concept involves investing in income-producing real estate that will cash flow money that you can use to live on during your retirement years. The more properties you acquire, the more monthly income you can enjoy.

There are many different retirement strategies out there to choose from. It’s best to talk with a retirement strategist to determine which programs best fit your individual needs.