Cant shake that nagging feeling

[Sunset]

One of the first choices I need to make is wether to take my pension as an annuity or lump sum.

Lump Sum = $229,865
Single Life = $19286 (8.39% return)
The 100% survivor option = $16819 (7.31%)

Given we have no other source of guaranteed income until I reach SS age in 5 years, I am very strongly leaning toward the 100% survivor option. There is no COLA provision.

What does everybody think?

Take the 100% survivor option. I'm assuming there is no time limit on it.
When I enter your money lumpsum for https://www.immediateannuities.com with suvivorship I get a low value of $10,968 / yr.

So your Pension is much better than you can buy with cash.

 

[yomama604]

Thanks for the feedback. My company is referring to the annuity as an 'enhanced annuity', they seem to be adding an extra payment on top of the base annuity payment. Which is why it is much better payout than what any of the annuity websites estimate.

 

[Chalupadrop]

From my experience, the 100% survivor option had been the best thing for piece of mind that we have. You dont have to worry about investing the lump sum or paying the taxes on it. And knowing that there will always be the payment on the first of the month is reassuring.