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Mark Miller: Remaking Retirement

It’s Time to Revisit Social Security’s Early and Delayed Claiming Formulas

The current system dates to the 1950s--and much has changed since then.

When it comes to claiming Social Security, there are a few basic rules of thumb.

A delayed claim gets you more monthly income--in some cases, a lot more. Claiming early, meanwhile, reduces your monthly income. But the delayed credits and early claiming penalties were designed--years ago--to be actuarially fair. In other words, you should get the same total benefit over the course of your lifetime no matter when you file, assuming average longevity.

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