Okay, I found some info online. If he waits til age 65, the benefit would be about $600 a month. If he takes an annuity now, the monthly payment would be about $400 a month.

The rollover amount is the missing part of this equation but a quick eyeballing of these amounts has me picking the $400 now (not accounting for any other variables) over the $600 later. You would have to live to over age 95 to offset the nearly 20 years of monthly payments before the $600 would make sense.

Need more specifics (e.g. remove the "about's").