OK, so I have 2 pensions with the following benefits:
Lump sum today Monthly Annuity option
Pension1: $86, 463 $589.73
Pension2: $143,998 $929.86
If I pick 100% survivors benefit for annuity, the monthly payout drops by 18% for each.
There is no COLA on the annuities.
I have other retirements savings:
$1.43M tax deferred accounts (401K, 403B, IRA, HSA)
$611K wife's pension as lump sum
We also will have SS income ($5800/mo combined at FRA)
Thus, my pension is not a major chunk of our retirement portfolio.