Which of the following choices would you prefer:
$75,000 cash at age 35 and an additional $9,500 of income every year for the rest of your working years (assuming your salary doesn't change), or
$1,386 per month starting at age 62 for the rest of your life, or
$2,015 per month starting at age 67 for the rest of your life, or
$2,500 per month starting at age 70.
For me, its a no brainer. I bet most people would take the cash now. Unfortunately, the government won't let you decide. They have decided you may pick only from the last 3 choices.
This example is based on the remarkably helpful letter I got this year from the government.