Abstract
Atkins and Caliendo [2009] analyze the choice of when to optimally initiate the receipt of Social Security benefits. They assume an individual choosing to receive benefits early can invest the proceeds at a return greater than the risk-free rate. This reply argues that the present value of Social Security benefits should be discounted using the risk-free rate instead. This insight is drawn from the extant wealth management literature as well as the asset-liability management framework of defined-benefit pension plans. <b>TOPIC:</b>Social security
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