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An older couple and a Social Security card (Image: Shutterstock) (Image: Shutterstock)

Employees often ask whether they are better off delaying retirement or retiring early, before they reach full retirement age. Different people answer that question differently. Those at lower income levels may have no choice but to start drawing Social Security benefits at age 62, the first year they can, while those at higher income levels may be able to wait until they hit 70.

Social Security benefits increase the later they are claimed, but now a paper by the Center for Retirement Research at Boston College cites key factors that may mean actuarial tables for Social Security benefits may be unfair. Interest rates are low, life expectancy has increased, and longevity improvement is greater for higher earners than for lower-paid employees. Based on these factors, authors Alicia H. Munnell and Anqi Chen analyzed what needs to change to keep Social Security benefits fair across the board.

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