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Are Social Security’s Actuarial Adjustments Still Correct?

November 19, 2019
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Issue Brief by Alicia H. Munnell and Anqi Chen

The brief’s key findings are:

  • People can claim Social Security from 62 to 70, with adjustments to keep lifetime benefits the same, on average, regardless of claiming age.
  • The question is whether the adjustments, set decades ago, are still correct, given the decline in interest rates and increase in life expectancy.
  • For the average worker, the analysis shows that the reduction for claiming early is currently too large while the increase for claiming late is about right.
  • Higher earners – who live longer and claim later – get a really good deal under the current system.
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Headshot of Alicia H. Munnell
Alicia H. Munnell
Headshot of Anqi Chen
Anqi Chen
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Citation

Munnell, Alicia H. and Anqi Chen. 2019. "Are Social Security’s Actuarial Adjustments Still Correct?" Issue in Brief 19-18. Chestnut Hill, MA: Center for Retirement Research at Boston College.

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Topics
Social Security
Publication Type
Issue Brief
Publication Number
IB#19-18
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