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Retirees Should Delay Social Security, Add Annuity, GAO Says

Retirees may have to delay Social Security benefits and buy an annuity to have enough money for retirement, said a U.S. government study.

“The risk that retirees will outlive their assets is a growing challenge,” according to a study from the Government Accountability Office released today. Increased life expectancies and health-care costs coupled with declines in financial markets and home equity over the last few years have “intensified” workers’ concerns about how to manage their savings in retirement, the report said.