In recent years, managing longevity risk, the risk of outliving one's wealth, is a very important issue for a household in retirement. Hibiki and Oya(2015) show that this risk can be hedged by combining private life pension and public pension. However, private life pension is expensive due to high expense loading. Kenjoh et al.(2017) describe qualitatively the advantage of deferred public pension and thus we could hedge appropriately this risk with deferral receipt of public pension and private term pension to compensate income during the period before receiving public pension. To the best of our knowledge, there are no studies that evaluate quantitatively the advantage of deferred public pension for hedging longevity risk in Japan. In this paper, we evaluate it by optimization model and suggest strategies retired households can choose.