I'm 22 and was just approved by VAC to be awarded either $243.34/month for the rest of my life or 80k lump sum. This is all tax free. Currently I have been contemplating as to what I should do. I realize that if I wait to until I'm closer to retirement age then it would be a very nice pension to draw for myself. On the other side I could take the 80k and try to grow it. Any ideas would be greatly appreciated.

Edit: Just a little insight into me for everyone. I'm very frugal and pretty smart with my money. I keep an extremely low cost of living as well. I went through a year towards my BBA so I have a decent handle on money and currently live in a camper trailer in the summers to avoid rent. Thank you all for the advice.