Should you buy an annuity from Social Security?

The key findings of this study from the Boston College Center for Retirement Research are:

• Households now retiring need to transform their 401(k) and IRA savings into retirement income.
• One way is to delay claiming Social Security to increase their monthly benefit, using savings to pay current expenses while they wait.
• In effect, they are buying an annuity from Social Security:  The savings used is the “price” and the increase in their monthly benefit the annuity income it “buys.”
• Buying an annuity from Social Security is generally the best deal in town, especially in today’s low interest-rate environment.

http://crr.bc.edu/briefs/should-you-buy-an-annuity-from-social-security/