Social Security is based on life expectancy

April 11, 2015 12:06 PM

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Q: If you have already stopped working, are the Social Security election ages (62, 66, and 70) equivalent to each other based on life expectancy statistics? Tony Kuchta, Frankfort, Ill.

A: Yes. Social Security's benefit reductions for taking your retirement benefit before full retirement age (and increases in benefits for delaying taking your retirement benefit after full retirement age) were established years ago to be actuarially fair, says Larry Kotlikoff, a professor at Boston ...

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