Today, Social Security has two trust funds that have a total of $2.8 trillion in reserves and function like savings accounts for the program, according to Goss.
When more money is needed to pay benefits beyond what is coming in through payroll taxes, the trusts funds are available.
Retirement benefits taken at age 70 are 76% higher, adjusted for inflation, than retirement benefits taken at 62, Kotlikoff's research found.
"The decision to wait is really buying longevity insurance from Social Security," Kotlikoff recently told CNBC.com.
With that information, the Social Security Administration provides estimates of how much in benefits you may receive if you become disabled, retire or die, thus leaving benefits to eligible survivors.
Persons:
Thomas Barwick, Goss, Laurence Kotlikoff, Kotlikoff, CNBC.com
Organizations:
Social Security, actuaries, Republicans, Democrats, Laurence Kotlikoff Boston University, Boston University