From the context of your note, it sounds as if you're leaving before what would be your "normal" retirement age (65 or over, depending on your birth date) and your company allows you to start some/all of your retirement early or just wait until "normal" retirement. I don't think you realize it, but what you've asked is a very complex and personal question which requires quite a bit of information. Having gone through the very same situation, I very strongly suggest you consult a "for fee" financial planner as there are a number of factors which come into play and you are making a really, really important decision which will affect the rest of your life. You will find that questions about your life and trust in the company to deliver on its obligations will influence your decision just as much - if not more - than the actual numbers.What I did in your shoes was this:1) Figured out what the discount rate was (they wouldn't say).2) Figured out how much each early retirement option actually hosed me.3) Sat down with DW and went through all the options.We wound up taking part of the money as an immediate annuity and the remainder as a lump sum which was rolled over into a retirement account. We also picked the option for recursion (if DW dies before me, I can go back to a single-life amount which is higher) and survivorship (the pension keeps going to her after I die).I can talk with you some more about this; PM me if you want to.BlueGrits
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