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Why a Lump-Sum Payment Should Be Part of Social Security
MarketWatch Apr. 13, 2016
"A group of researchers sought to think of a new way to get people to delay claiming benefits, work longer and have all that happen without Social Security suffering financially. In a nutshell, we set out to design a way to give people the benefit increases they would receive if they delayed claiming, but instead of giving them that increase as part of a monthly payment, we would give it to them as a lump sum at their later claiming date. The money turns out to be quite substantial, from $60,000 to $80,000 to $170,000. And lo and behold, people like this idea. In our experimental survey, we found people would delay claiming benefits for about half a year, and they would work about a third to a half of the extra time. All of that takes place without costing Social Security a penny."
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