The payoff in waiting to collect social security

Source: Tara Siegal Bernard - The N.Y. Times (Paid Registration)

Some people nearing or on the cusp of retirement consider buying immediate annuities from insurance companies: they hand over a big pile of cash to an insurance company in exchange for a guaranteed monthly income payment for life. But you can also “buy” an annuity, so to speak, from Social Security, and it’s a far better deal.

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