I think your question gets into a very significant topic of what you need versus you want and where those sources of income are coming from. Some important factors to consider are:

  1. Family longevity
  2. Is the pension inflation adjusted or stagnant over the life
  3. Risk tolerance as an investor
  4. Long-Term Care planning
  5. When do you plan to draw SSI
  6. Flexibility of assets vs fixed income

Once you know these things, this will further help us determine whether a lump sum or pension makes sense for you.