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I guess for me it would depend on how much retirement savings I already had. $186 a month isn't a ton, but unless you die in the next ten years, it is more than the payout. You probably won't die in the next ten years. But if I already knew I was going to be okay--through existing 401Ks, other pensions, or whatever--then I'd probably take the lump sum just for the convenience of it. Long-term fixed income is subject to the whims of inflation anyway.
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