{
  "generated_at": "2026-06-02",
  "engine": "ss-claiming-mc-1.0.0",
  "method": "Joint Monte Carlo over longevity (SSA 2021 Period Life Table) and real investment returns; 50,000 lives per regime/cohort cell",
  "total_lives": 400000,
  "pia_annual_real": 24000.0,
  "benefit_factors": {
    "62": 0.7,
    "67": 1.0,
    "70": 1.24
  },
  "regimes": {
    "spend_it": {
      "mu": 0.0,
      "sigma": 0.0,
      "label": "Spend it (no investing)"
    },
    "conservative": {
      "mu": 0.02,
      "sigma": 0.06,
      "label": "Conservative (2% real)"
    },
    "balanced": {
      "mu": 0.04,
      "sigma": 0.11,
      "label": "Balanced 60/40 (4% real)"
    },
    "optimistic": {
      "mu": 0.06,
      "sigma": 0.16,
      "label": "Equity-tilted (6% real)"
    }
  },
  "deterministic_breakeven_ages": {
    "62_vs_67": 78,
    "62_vs_70": 80,
    "67_vs_70": 82
  },
  "headline": {
    "spend_it_unisex_pct_70_beats_62": 65.41,
    "balanced_unisex_pct_70_beats_62": 41.99,
    "optimistic_male_pct_70_beats_62": 28.32,
    "conservative_male_pct_70_beats_62": 51.05,
    "swing_spend_to_balanced_male": 22.73
  },
  "results": [
    {
      "regime": "spend_it",
      "regime_label": "Spend it (no investing)",
      "cohort": "male",
      "mu": 0.0,
      "sigma": 0.0,
      "n_paths": 50000,
      "pct_70_beats_62": 60.25,
      "pct_70_beats_67": 52.57,
      "pct_67_beats_62": 67.15,
      "pct_70_is_best": 52.57,
      "pct_67_is_best": 14.59,
      "pct_62_is_best": 32.85,
      "median_age_at_death": 82,
      "p25_age_at_death": 75,
      "p75_age_at_death": 88,
      "mean_wealth_62": 339808,
      "mean_wealth_67": 368649,
      "mean_wealth_70": 375806
    },
    {
      "regime": "conservative",
      "regime_label": "Conservative (2% real)",
      "cohort": "male",
      "mu": 0.02,
      "sigma": 0.06,
      "n_paths": 50000,
      "pct_70_beats_62": 51.05,
      "pct_70_beats_67": 42.26,
      "pct_67_beats_62": 57.35,
      "pct_70_is_best": 42.23,
      "pct_67_is_best": 15.14,
      "pct_62_is_best": 42.63,
      "median_age_at_death": 82,
      "p25_age_at_death": 75,
      "p75_age_at_death": 88,
      "mean_wealth_62": 273410,
      "mean_wealth_67": 278291,
      "mean_wealth_70": 272824
    },
    {
      "regime": "balanced",
      "regime_label": "Balanced 60/40 (4% real)",
      "cohort": "male",
      "mu": 0.04,
      "sigma": 0.11,
      "n_paths": 50000,
      "pct_70_beats_62": 37.52,
      "pct_70_beats_67": 30.68,
      "pct_67_beats_62": 43.15,
      "pct_70_is_best": 29.73,
      "pct_67_is_best": 13.94,
      "pct_62_is_best": 56.33,
      "median_age_at_death": 82,
      "p25_age_at_death": 75,
      "p75_age_at_death": 88,
      "mean_wealth_62": 227369,
      "mean_wealth_67": 216533,
      "mean_wealth_70": 203976
    },
    {
      "regime": "optimistic",
      "regime_label": "Equity-tilted (6% real)",
      "cohort": "male",
      "mu": 0.06,
      "sigma": 0.16,
      "n_paths": 50000,
      "pct_70_beats_62": 28.32,
      "pct_70_beats_67": 24.14,
      "pct_67_beats_62": 32.93,
      "pct_70_is_best": 22.23,
      "pct_67_is_best": 11.73,
      "pct_62_is_best": 66.04,
      "median_age_at_death": 82,
      "p25_age_at_death": 75,
      "p75_age_at_death": 88,
      "mean_wealth_62": 191307,
      "mean_wealth_67": 169156,
      "mean_wealth_70": 152378
    },
    {
      "regime": "spend_it",
      "regime_label": "Spend it (no investing)",
      "cohort": "female",
      "mu": 0.0,
      "sigma": 0.0,
      "n_paths": 50000,
      "pct_70_beats_62": 70.56,
      "pct_70_beats_67": 63.79,
      "pct_67_beats_62": 76.53,
      "pct_70_is_best": 63.79,
      "pct_67_is_best": 12.74,
      "pct_62_is_best": 23.47,
      "median_age_at_death": 85,
      "p25_age_at_death": 78,
      "p75_age_at_death": 90,
      "mean_wealth_62": 383213,
      "mean_wealth_67": 429492,
      "mean_wealth_70": 448553
    },
    {
      "regime": "conservative",
      "regime_label": "Conservative (2% real)",
      "cohort": "female",
      "mu": 0.02,
      "sigma": 0.06,
      "n_paths": 50000,
      "pct_70_beats_62": 62.42,
      "pct_70_beats_67": 53.89,
      "pct_67_beats_62": 67.99,
      "pct_70_is_best": 53.85,
      "pct_67_is_best": 14.16,
      "pct_62_is_best": 31.99,
      "median_age_at_death": 85,
      "p25_age_at_death": 78,
      "p75_age_at_death": 90,
      "mean_wealth_62": 302375,
      "mean_wealth_67": 318622,
      "mean_wealth_70": 320502
    },
    {
      "regime": "balanced",
      "regime_label": "Balanced 60/40 (4% real)",
      "cohort": "female",
      "mu": 0.04,
      "sigma": 0.11,
      "n_paths": 50000,
      "pct_70_beats_62": 46.46,
      "pct_70_beats_67": 39.3,
      "pct_67_beats_62": 51.89,
      "pct_70_is_best": 38.18,
      "pct_67_is_best": 14.31,
      "pct_62_is_best": 47.51,
      "median_age_at_death": 85,
      "p25_age_at_death": 78,
      "p75_age_at_death": 90,
      "mean_wealth_62": 245708,
      "mean_wealth_67": 241846,
      "mean_wealth_70": 233502
    },
    {
      "regime": "optimistic",
      "regime_label": "Equity-tilted (6% real)",
      "cohort": "female",
      "mu": 0.06,
      "sigma": 0.16,
      "n_paths": 50000,
      "pct_70_beats_62": 35.63,
      "pct_70_beats_67": 31.2,
      "pct_67_beats_62": 40.03,
      "pct_70_is_best": 28.69,
      "pct_67_is_best": 12.69,
      "pct_62_is_best": 58.62,
      "median_age_at_death": 85,
      "p25_age_at_death": 78,
      "p75_age_at_death": 91,
      "mean_wealth_62": 205712,
      "mean_wealth_67": 188847,
      "mean_wealth_70": 175164
    }
  ]
}