Olivia Mitchell says lump-sum payment would inspire more Americans to delay claiming Social Security benefits

Olivia Mitchell says lump-sum payment would inspire more Americans to delay claiming Social Security benefits

NIA Aging Centers News Reference

Olivia Mitchell and colleagues explored a new approach to encourage more Americans to delay claiming Social Security: A lump-sum payment that is cost-neutral to Social Security. Mitchell says they surveyed 6,000 respondents (age 18+) to gauge their response "to delaying their Social Security benefit to, say, age 66 or later, and then getting their age-62 level benefit plus a lump sum that was equal to the benefit increase that they’d be entitled to by delaying claiming." They found "many people would be willing to claim later and work longer if they can get the attractive partial buyout from Social Security."

Researcher Profile:
Olivia S. Mitchell (U-Penn)

More Information:

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Additional Media Coverage:

"Here’s How to Get More People to Delay Claiming Social Security" - Wall Street Journal. 5/9/2016.

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