1. Not military, but a large, well funded private energy firm (nuclear).
2. Payments to start any time at my election. Smallish penalty for starting before 60.
3. Beneficiary if I die is my wife, at a reduced level.
again, if your life expectancy (based on your health) is greater than the average man your age .... and look at your wife’s life expentancy ... is she very young? .....
Is there a COLA in the annuity? You need to find the “net present value” of the annuity they offer. You need an annuity calculator. If the lump they offer is close to the value of the annuity ... yes, roll into IRA.
If they are offering a lump significantly less than the real value of the annuity, keep the annuity.
Valuing an annuity is not easy. Could take a few months for you to understand it.
http://gie.fidelity.com/estimator/gie/gielanding?refpr=annufixincom011