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Reply to "Social Security at 70 worth it?"
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[quote=Anonymous]It is longevity insurance. It you outlive your actuarially predicted lifespan, you'll come out ahead financially, receiving the maximum possible benefit for a longer period of time. You also will be increasing your income from a (relatively) guaranteed source, in contrast to investing on your own in the markets and possibly receiving a lower or higher return in retirement than what SS promises you. Absent a good and sufficient reason to expect a reduced lifespan, most people do better waiting until age 70 to claim SS, although it's possible to argue that people without other sources of retirement income may have no alternative to claiming early if they cannot manage financially without SS income at an earlier age. [/quote]
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