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.
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.