You’re right on the money, Michael. The IRS has a bunch of actuaries (like at insurance companies), and they’ve figured out the breakeven where everyone gets the same amount — just like you suggest. But there’s one catch — your lifespan. If you lived to the age of 84 (approximate, it’s different for men than women and I don’t know the exact age) then it won’t make any difference if you take it at 62 or 70, you get the exact same amount. They base it all on ‘average’ lifespans of people. Most of us aren’t average so if you expect to die younger, take it early. If you expect to live into your 90s take it later.