I would take the $5000/month, because $1M is only $3333/month according to the 4% safe withdrawal rule. Where do they get these annuity equivalent number referenced in the article, anyway?
I might make a different choice if it was between the two amounts with no strings attached (i.e not necessarily for retirement), so I could invest a bit more aggressively and keep working.
I might make a different choice if it was between the two amounts with no strings attached (i.e not necessarily for retirement), so I could invest a bit more aggressively and keep working.