Can't advise you, but I will tell you what I did:
At age 58, I took the monthly option, with 100% for my wife if I go first. But I took a smaller monthly amount in exchange for a lump sum that I rolled into an IRA, invested in stocks. I figured that was my "inflation hedge" as my monthly pension amount will be the same today as it will be in 30 years. That lump sum has grown 33% over the two years it has been invested. And should we both die in a car crash, that lump sum amount can be willed to my kids, church, etc. Not so with the monthly pension alone.
So a compromise that has to this point, been a good decision. And if I die earlier, what will I care? I'll be dead.
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