Jerome Golden, widely known as the father of the variable annuity with living benefits, has an ambitious new idea to solve the Social Security dilemma: make the system more flexible. Currently, people can enroll at any time between age 62 and age 70; Golden's plan would allow them to defer benefits up until age 75, or even beyond. His plan would also let participants choose to receive a smaller up-front benefit in return for more money in their later years, which could help cover the cost of long-term care. And the plan could help the federal deficit, too: though, it's hard to know exactly how much money could be saved, Golden cites figures of $200 billion to $400 billion over the next 20 years.
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