Is Social Security selling “longevity insurance”?
Far too many people start their Social Security benefit as soon as they’re eligible at 62 years of age, but are they hurting themselves in the long run? Though many, including Social Security employees, will tell you that the program is designed to, on average, pay the same amount of total benefits regardless of when you apply, the fact is that longevity today is ever-improving. That leads Laurence Kotlikoff, in this article appearing in the Seattle Times, to conclude that Social Security is selling “longevity insurance” - insurance against living a long time.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…
Click here to read the Seattle Times article by Laurence Kotlikoff
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