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Unless the monthly (I'm assuming?) payments will be adjusted for inflation and/or the cost of living, I'd say they should be disregarded immediately. But I lived through a few years of double-digit inflation back in the 1980's.

Also, when I was offered such a choice, the "$1700 for life starting at age 65" was only if I stayed working for the company until the age of 65. That sounded like too much of an if for me, even though I had worked for the company for over 20 years, so I took the lump sum and rolled it into my IRA.

Now I control when I take amounts out of it. And get to watch it grow (hopefully) without taxes on the profits I make each year.

If you have EXCEL, just fiddle around with the numbers there. You'd have to make assumptions on inflation rates, earning rates, and tax rates in computing your accumulation of money. I'd suggest using annual payout rates, just for simplification. You could always adjust it to monthly if you need more detail, but I don't think it would alter anything significantly.
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