Kaufmanrider
Recycles dryer sheets
I retired in January, 25+ years Federal LEO at age 49. Pension is COLA'd and I get just slightly over 50% of my base pay. I eliminated all debt except for the mortgage payment which I refinanced to a lower rate.
My retirement take home was sufficient after deductions (survivor benefit, health insurance, taxes) to cover all the bills with a little on the side for saving/investing. My thinking was if needed I could get a part-time job to make additional money or tap my Thrift Savings Plan which it like your 457 plan with annual payments. Lowes and Home Depot always need seasonal employees if you need a little cash without a full time commitment to a job.
You need to look at your situation and choose based on what is best for you. If you do decide to go, I'd work that last year and take the lump sum cash payout and use what you get after taxes to build up an emergency fund or pay off as many debts as you can.
