Should you WAIT for him?..For what?....
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He's not asking you to wait for him, he's breaking up with you politely ... kinda a soft break.....
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As for what he's telling you he INTENDS to do during this break up "he's not planning on dating"..I can put my hand in fire, that will dramatically change the moment he meets someone that he wants to do something with...
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But let's just say, for argument sake, you really believe his need for space in order to "get it together" ... (what is "it" anyway, lol and by together does he mean together with someone else's "it" lol) ... I digress..
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Ok so u buy his line and feel he's being 100% sincere, I'd make sure I had a crystal clear discussion about what my definition of a break is ... so there's no confusion or misunderstandings ... that altho he may be in need of a break to find himself ... you do not ... and so while he's busy looking within ... you'll be looking without ... hesitation...

If you love him and are not interested in seeing anyone else, then waiting for him is not too much to ask. However, it sounds like this might be an easy way for him to slide out of the relationship without actually breaking up with you, so if I were you, I wouldn't expect too much at the end of that waiting period. Go out, see other people, have a good time; if he comes back to you, it was meant to be. If not, then at least you haven't wasted any time sitting around waiting for the phone to ring...

I wouldn't wait for him...
Maybe he isn't he lying. But if you're on a break, then you aren't with him, and you can date whoever you want. By letting you go, he runs the risk of for real, forever letting you go. There's something he isn't telling you. No one just wants to be single for a while and not sleep with other people. Sounds like he doesn't want to be with you right now. He left the door open for if he changes his mind and feels like it's a mistake later. But I wouldn't bank on him running back any time soon...

My answer is bi est because I was given the same exact line, turns out he was seeing another girl the whole time. I hope he isn't doing the same thing to you...