Problem
For each year after full retirement age that a person delays collecting Social Security benefits, the annual benefits are raised by 8 percent. (This "bump" in benefits ceases at age 70. Additional retirement delays do not cause benefits to rise any further.) How is the incentive to retire prior to age 70 affected by this provision for benefit increments, relative to a system in which benefits were not raised in this manner? Explain.
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.