My wife is nearly 54, an R.N. who is unable to work because of three or four kinds of severe arthritis. We owe nobody. We hope to let the CREF stock ride indefinitely and keep the Treasury. I paid into Social Security for 40 quarters but have made no contributions since I started teaching 27 years ago. The state will pay my health insurance, as usual, during disability and retirement.
Some people have more strength than others.
Yours is amazing. While I understand the desire for some kind of certainty, the annuity income choice is probably not appropriate for your circumstances. I know it's paid for but living in it and taking care of it will become very major liabilities in the near future. An apartment or condo is one option. Between your cancer and your wife's illness, neither of you is likely to beat the actuarial tables.