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On the other hand, she could live to 108, and collect far more than she paid in, plus accrued interest along the way.

It's a gamble - they take your life expectancy and use that.....(and of course take a cut for themselves)......for the payout.....

Live long - you win

Die young - they win


The pension is employer contributions only, but I agree with your win/loss analysis. We would not be reliant on the steady income of an annuity, and we would prefer the flexibility provided by taking the cash value.
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