That is a BIG financial planning question — and I’d need to know a lot more about you and your situation to give you a realistic answer. You see the bawsics: one promises you lifetime income, while the other (doing a rollover) requires you pay taxes on at least half of it and pay taxes now.
YOu need a certified financial planner to help you answer this question — doing the math. Click on the box in the top right corner of my website to find one.
Right now, you need an estate plan, plans for healthcare, (do you qualify for Social Security and Medicare?) and a living plan that is realistic. I don’t know where you plan to live, and your monthly costs. Sorry, I’d love to help, but can’t do this blindly. One thing for sure — try to keep at least half of it growing tax-deferred to keep up with future inflation. A monthly check that looks fine now could have its buying power cut in half during your lifetime at only 3% inflation!