Congress could allow Social Security to administer bridge annuities to help people delay claiming Social Security benefits and allow people to buy extra Social Security credits. My coauthor and I, Tony Webb, propose that Social Security Administration help people use their retirement account to bridge to a higher Social Security benefit. Congress could help people do that efficiently by allowing Social Security to convert retirement balances to “bridge” annuities to delayed Social Security receipt. Her good choice is to delay claiming Social Security until age 70 to get a lifetime monthly of $1,980. Fix #2: Buying Extra Catch-Up Credits in Social SecurityCongress could also help workers boost their lifetime Social Security benefits by defaulting workers into Social Security catch-up contributions of 3.1% of earnings starting at age 50.

Source: Forbes September 29, 2018 20:15 UTC