Sweeten the Pot
From Encore
Carrots tend to be more appealing than sticks, for people as well as horses. For example, under current law, individuals can increase their monthly income for life simply by postponing the date at which they claim Social Security payments for three years after their “normal” retirement age.
Future payments increase by 8 percent a year for up to three years, producing a lifetime monthly bonus of up to 24 percent. A study by the Federal Reserve found that the bonus has been effective in spurring people to work longer. Extending it beyond three years could make it even more effective.
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