Are Social Security's actuarial adjustments still correct?

Munnell, Alicia Haydock, and Anqui Chen. “Are Social Security's actuarial adjustments still correct?”. Issue in Brief 19-18, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, November 2019. http://hdl.handle.net/2345/bc-ir:108857.
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Abstract

The brief's key findings are: (1) People can claim Social Security from 62 to 70, with adjustments to keep lifetime benefits the same, on average, regardless of claiming age. (2) The question is whether the adjustments, set decades ago, are still correct, given the decline in interest rates and increase in life expectancy. (3) 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. (4) Higher earners - who live longer and claim later - get a really good deal under the current system.

Title
Are Social Security's actuarial adjustments still correct?
Author
Munnell, Alicia Haydock
Chen, Anqui
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
November 2019
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
19-18
Persistent Link
http://hdl.handle.net/2345/bc-ir:108857
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Financing Retirement

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