Social Security card If people were more patient (could wait for that higher monthly rate), and/or “if the Social Security annuity was ‘priced’ based on a higher implied interest rate,” considerably more of them would opt for delaying claims, researchers say. (Photo: Shutterstock)

Most people sign up for Social Security benefits as soon as they’re eligible—at age 62 or some other age prior to their full retirement age—despite the fact that doing so can actually cost them quite a bit of money because of reduced monthly benefits.

But according to a new research paper from the Center for Retirement Research at Boston College, that behavior—which the authors compare to failing to purchase additional annuity income—can be changed.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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