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Taking Social Security at age 66 versus 70
Writing in Forbes Magazine, Laurence Kotlikoff, professor of Economics at Boston University refutes a recent MarketWatch article advocating one should take Social Security benefits at age 66 rather than age 70, given Social Security’s financial problems. Kotlikoff acknowledges Social Security’s long term financing issues, but he rejects that being a reason to shortchange oneself tens of thousands of dollars (assuming one lives to normal life expectancy), even if an across the board cut of over 20 percent occurred in 2034. He also noted that such a cut would be politically unlikely, as Congress would not allow current and near current beneficiaries to sustain such a reduction. It is true that Social Security will only be able to pay about 79% of promised benefits starting in 2034, absent any reform by Congress before then, as surpluses that are sustaining the program will be exhausted in that year. Read the full piece here.