Should I take the lump sum and roll it to my IRA at vanguard OR wait for the pension annuity

Details:

My Age 49

Wife’s age 48

married with two kids

owe $250k on my 3.5% fixed mortgage (home is worth $450k)

Life expectancy = 83 years old

Lump Sum = $45,775

Rolling the $45,775 into my IRA at Vanguard - VBIAX Vanguard Balanced Index Fund (has earned 6.33% per year past 19 years)

Age 49 to 65 IRA investment at 6% per year (compounding interest) = $119,264 by year 2035

Age 49 to 83 IRA investment at 6% per year (compounding interest) = $350,253 by year 2053

OR

**NOTE: My Pension Annuity DOES NOT have a cost of living adjustment**

Single

Start payments at Age 55 Life Pension Annuity = $318

Total payments from 55 to 83 = $106,995

Start payments at Age 62 Life Pension Annuity = $485

Total payments from 62 to 83 = $122,255

Start payments at Age 65 Life Pension Annuity = $590

Total payments from 65 to 83 = $127,459

100% joint And survivor pension annuity

My Wife would be paid full amount after I die

Age 55 $283 per month

Age 62 $417 per month

Age 65 $499 per month

$714,420 in retirement savings

$157,365 taxable investments

$30,000 emergency fund