In his letter (May 13), Richard Proctor claims individuals are better off retiring at age 65 than at age 70.

It is important to make such calculations. It is even more important to use accurate numbers, and not the misleading averages he cited.

A better way to assess an individual’s situation is with Social Security’s online calculators at www.ssa.gov/planners/calculators. The benefit calculator shows that an individual’s benefit increases substantially for each year that person works between ages 65 and 70. Using Proctor’s figure of a $1,152 monthly benefit at age 65, waiting five years raises the benefit to $1,693 — a gain of 47 percent.

Proctor’s life expectancy figure applies only to babies born today. It is not relevant at age 65. Social Security’s calculator shows that today’s 65-year-old man can expect to live another 19 years, to age 84.

What should an individual do? Is it better to collect a smaller monthly benefit at age 65 or opt for a much larger one at age 70?

The former choice works out well for those who die early. The latter pays out more total dollars for those who turn out to be long-lived.

But no one knows the future and there is risk either way.

An individual approaching retirement should make those calculations, but also consider personal health, family and financial status before deciding when to collect Social Security.

Anne Williams, Lewiston