Retirement payments from a pension plan are typically paid monthly, according to Fidelity. Retirees who collect Social Security also receive monthly payments, according to the Social Security Administration.
Distributions that retired pension plan participants receive are typically in the form of an annuity that guarantees a fixed monthly amount of retirement income for life, according to Fidelity. The amount of the monthly payment varies based on the age at which a retiree starts taking monthly payments.
Income from Social Security is similar to pension income. The Social Security Administration publishes a guide to help retirees determine the best time to begin collecting monthly Social Security payments. The amount of the payment is reduced if a retiree begins Social Security payments before reaching full retirement age, explains the Social Security Administration.