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If he waits til age 65, the benefit would be about $600 a month. If he takes an annuity now, the monthly payment would be about $400 a month.

You also need to find out how long those payments will last. Are they for a certain number of years? For his lifetime? For the longer of his lifetime or yours? If it's for both of your lifetimes, is there a reduction in the monthly benefit if he dies first?

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