In a simple way you are betting on when you die. The earlier you die the better off you are to take the money at 62. If you think you're going to live longer then take the money later. Unless you need it then you're stuck. You can also look at putting all that money in a high yield fund and hope it makes you enough money to offset the risk of losing some of it and making a nice egg. Even if you play conservatively you can make $2k a month into about a quarter million over 20 years. Of course then you're betting on living into your 80s. You can always borrow against that money and invest in a nice home which you can basically use as a life insurance policy to your spouse or heirs. Just take out a policy to pay the home off on your death.
Did you know there are only 5000 Snow Leopards in the wild now and they are confined to Central Asia? However, the effective global population (those likely to reproduce) is less than half that number.