For most workers, the Social Security System provides a deferred life annuity. You and your employer pay into the system while you ’ re working, and then when you retire, you receive a monthly check for the rest of your life. Social security payments actually receive a periodic cost of living (infl ation) correction, but let ’ s ignore both infl ation and the correction in this problem. What I ’ ve read in several sources (e.g., http://bulletin.aarp.org/

yourmoney/socialsecurity/articles/social_security__it.html) is that it ’ s better to delay starting when a retiree should receive social security payments. According to these sources, for every dollar you receive monthly if you start at age 66, you only receive $0.75 if you start at age 62, but you receive $1.32 if you wait until age 70. Can you argue for or against the conclusion that you should wait until age 70? Assume you ’ re in good health with no very unusual family history.