Maurer, RaimondMitchell, Olivia SRogalla, RalphSchimetschek, Tatjana2023-05-232023-05-232023-01-132019-02-13https://repository.upenn.edu/handle/20.500.14332/43668People who delay claiming Social Security receive higher lifelong benefits upon retirement. We survey individuals on their willingness to delay claiming later, if they could receive a lump sum in lieu of a higher annuity payment. Using a moment-matching approach, we calibrate a lifecycle model tracking observed claiming patterns under current rules and predict optimal claiming outcomes under the lump sum approach. Our model correctly predicts that early claimers under current rules would delay claiming most when offered actuarially fair lump sums, and for lump sums worth 87% as much, claiming ages would still be higher than at present.Opinions and conclusions expressed herein are solely those of the authors and do not represent the opinions or policy of any agency of the Federal Government, or any other institution with which the authors are affiliated. ©2017 Maurer, Mitchell, Rogalla, and Schimetschek. All rights reserved.G11, G22, H55, J26, J32Annuitydelayed retirementlifetime incomepensionearly retirementSocial SecurityEconomicsWorking Paper