TY - JOUR T1 - Strategies for Maximizing Social Security Benefits: <em>A Reply</em> JF - The Journal of Wealth Management SP - 9 LP - 12 DO - 10.3905/jwm.2009.12.3.009 VL - 12 IS - 3 AU - Stephen M Horan Y1 - 2009/10/31 UR - https://pm-research.com/content/12/3/9.abstract N2 - 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.TOPIC: Social security ER -