An honest blackjack dealer isn't out to screw you.
Neither is a faceless government bureaucracy following a legislative rulebook put together by your elected representatives
But your boss might have every incentive to cheat you.
Like I said, the longer you wait. the more you'll get, and I believe the government actuaries calculate that in a fair way. In a related calculation, I can get more financial benefit from NOT putting my wife as a beneficiary in my pension plan, but I feel she needs some income if I die before she does. OTOH, if she dies before I do, I lose out on all the money I would get if I hadn't written her up as a beneficiary.
Its a fair choice, as long as the options are explained to you before you sign up for the plan.