Retiring from your job

Retirement nears, consider income for life -I’m planning to retire in about a year when I’m 62. My company pension plan offers me the option of taking a lump sum of about $775,000 or a monthly annuity payment of $3,600 that would go to me or my wife as long as either of us is still alive. I also have another $500,000 invested in a 401(k) and in IRAs. I’m undecided about whether to take the lump sum or the annuity. I’m also wondering whether I could get a higher monthly payment if I took the $775,000 lump sum and bought an income annuity. I’d appreciate your advice on this.
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