Take the lump sum or the monthly pension? This calculator compares them honestly — the present value of the annuity stream, the breakeven age, and the investment return you'd actually need to beat the pension if you took the cash.
It depends on the implied return, your health and life expectancy, whether the pension has a survivor benefit, and how secure the plan is. This calculator quantifies the trade-off so you can decide with numbers, not gut feel.
It's the annual investment return you'd need to earn on the lump sum to replicate the guaranteed monthly pension for life. If that return looks hard to beat safely, the pension is often the better deal.
Joint & survivor options (50/75/100%) reduce your monthly check but keep paying a spouse after you pass. The calculator lets you compare each option against the lump sum.