I wonder how well this would work in today's society. Pretending disability doesn't exist, and just making it a simple rate decrease for the earlier you withdraw.
Right, if it's the same net present value why would anyone ever start later? If you're still working just take the money and save or invest it.
Of course, the payment is a pittance compared to most actual pensions.
And what happens to those that are 'genuinely handicap' and have medical costs that unavoidably exceed the 'lower amount'?
> Social Security pays benefits to people who can’t work because they have a medical condition that’s expected to last at least one year or result in death.[0]
The program I was talking about would be more something like retirement+disability, proved by the government with a set retire date (say, 65) and any withdrawals before hand would be at a lesser rate (if proven unfit to work, but not only of a medical condition).
Specifically in the U.S.