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Investing App Targeted At Gender, Race Wealth Gap
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Investing App Public com & Nonprofit Commonwealth Launch Partnership to Help Close the Racial & Gender Wealth Gap Through Investing
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Christine Benz: People may have heard you pick up an 8% benefits increase for each year you delay past full retirement age. Why do you think that s the wrong way to frame it as some sort of a return pickup and even just plain wrong that you get that 8% return increase? How can people quantify the benefit enhancement they get from delaying?
Mike Piper: The reason it s not a return is because in order to calculate a rate of return we need to know how long you re going to be receiving the series of cash flows in question. And if you think of an easy example, imagine somebody who decides to wait until age 70. So, if they don t file for benefits and then they die at age 69. Well, they obviously didn t get an 8% return. They got a negative return, because they never collected any cash flows. They gave up cash flows. So, it s clearly not a positive return at all. We can calculate expected rates of return given various mortality assumptions, or in hindsight, we can calculate what a person s