RT Journal Article SR Electronic T1 Strategies for Maximizing Social Security Benefits: A Reply JF The Journal of Wealth Management FD Institutional Investor Journals SP 9 OP 12 DO 10.3905/jwm.2009.12.3.009 VO 12 IS 3 A1 Stephen M Horan YR 2009 UL https://pm-research.com/content/12/3/9.abstract AB 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