John is age 65 and his spouse is age 62. He can commence a pension of $2,000 per month payable in a single life form. He also has the option of $1,900 per month payable in a 50% joint & survivor form or a $250,000 one-time lump sum payment. John is qualified for Social Security and estimates that he can receive $2,200 per month at age 66. He earned a median US wage for his lifetime. John has modest lifetime savings and no pension from any other employer. Discuss the pros/cons for each of Johns pension options ($2,000 single vs $1,900 J&S vs. $250,000 lump sum). Consider how each option affects the maintenance of a standard of living, lifetime security and death benefits.