<prompt> Human: So, a company I worked for 21 years was bought out by another company. Both companies offer a traditional pension plan and a 401K plan. Ex company who I had 21 years vested in is offering a one time lump sum of 61k. My age now is 46. If I wait until 55 to start drawing on the pension annuity, I can draw 569 single life and 529 joint life annuity. At 60, 755 single - 686 joint. At 65, 923 single - 816 joint. I have to make this decision by 101518. Company says they more than likely wont ever offer the lump sum again.So, I feel like this is not a very good offer. At, 55 if I took the 529 a month, I would draw almost 140k by age 77. Wife would keep getting the same amount until she died. Of course, those numbers would increase the longer I wait to draw. On the other hand, I could roll the 61k into an IRA or one of my 401ks and try to capitalize on probably another 15 - 20 years in the market and just draw a each year of retirement. The safe side of me likes the idea of the monthly check to go along with the monthly pension check from my new company along with SS checks to give us our cost of living income with our 401k nest eggs to be used for things that come up and fun things like vacations. I just dont think the company would be offering this one time lump-sum if it was good deal for me. I know a lot of folks who are taking the lump-sum, but I dont think most of them have thought this all the way through. Any advice or insight as to the best course of action would be greatly appreciated. Thanks!  <response>: A reasonable way to estimate an anuities value is monthly payment×120.04 meaning a 500 monthly annuity has a lump sum value in the 150k range assuming 4 return. IMO, I think the annuity is better unless you suspect thepension is underfunded and or may not be fully honoured. 