like. >> reporter: yes, i had planned to wait until 70, but it turns out, as i discussed with larry kotlikoffn a made-for-tv hospital, i was following the wrong prescription. i thought how long do i have to live before the higher benefits waiting until age 70, will be as great or greater than the benefits i left on the table by not taking social security earlier? >> that kind of break-even analysis is just nuts because social security is really an insurance mechanism. you don't look at buying homeowner's insurance on a break-even basis. you look at the worst-case scenario, the catastrophe that your house burns down. >> reporter: that argument of yours actually clinched the deal for me, because i thought, hey what's the worst that could happen? i outlive my savings, and then my kids are on the hook for health care costs. >> right. we have to think about social security as providing insurance against one of our biggest risks which is what? it's not dying. it's living to a very old age and you end up in a place like this, and you have a huge expenses, medical expenses and you need money. >> repo