How Time Horizon and Discount Rate Affect Social Security
One way to view the decision to delay Social Security as an “investment” is by using a present value calculation to identify which strategy can provide the most lifetime Social Security benefits and which strategy creates the lowest funding needs for your investment portfolio. This calculation requires deciding on a time horizon and a discount rate.
Pfau, Wade, "How Time Horizon and Discount Rate Affect Social Security" (2015). Faculty Publications. 288.