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I think you are incorrect. If I understand correctly, the payout the next year is reduced but the payout in future years is increased as if you held back on receiving benefits. So it’s not really a reduction, but a deferral that will be at a higher monthly rate than the reduction (because of actuarial considerations).

Apart from this, I don’t see a value in FRA (full-retirement age). You can start at 62 and must start at 70. The longer you wait, the more you get per month. So you have to consider estimated life span, program solvency, quality of life, financial need, other income sources, etc.