Which of these pension choices are better?

CHoice 1 works, becuase it does not tempot you to spend all the extra money. After age 62, sometimes, social security kicks in. However, having close to an extra 100 dollars a week from the pernsion at that age for the rest of your life makes a lot of sense. If your family life lines go into their 80s, that's a lot of years. Take choice 1 unless everyone dies in your family by age 62-68.