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Need guidance on deciding between the following (no COLA) pension options:
$50,200 per year for life, or
$60,400 lump sum plus $46,000 for life.
Based on employer financial strength, future prospects, etc. I consider the pension very secure, but realize there are no guarantees.
The pension will not be the only income source in retirement. There will also be a rolled-over 401K of about $700,000 and Social Security and approximately $200,000 after-tax investments.
Assume retiring right now. What factors should I be considering to decide between these pension options?
Thanks.
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