Could Variable Annuities Save Social Security? (SmartMoney)

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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