Re: lump sum or monthly payment
You might want to go to Vanguard.com and follow the links to the Lifetime
Income Program and get a quote for a SPIA (single premium immediate annuity).
With your parameters, I got about $144/mo (assuming no inflation adjustment).
It gives you an interesting data point, at least. So it's a tough call, since the $153
is a bit better than that.
But most people here think a SPIA isn't such a great idea. But a lot of
that depends on how much faith you have that the company issuing the
SPIA will be viable for as long as you live. Which raises the question, WHO
would be guaranteeing you this $153 check and how much faith do you
have in them ?
I'd vote for the lump-sum too.