Tag: retirement replacement rates
The stage is being set for cuts in Social Security, and the Congressional Budget Office (CBO) has become a major player in this effort. The agency’s most recent report shows not only a huge increase in the 75-year deficit, but also an enormous increase in the generosity of the program as measured by replacement rates…
The Wall Street Journal ran an op-ed recently by Andrew Biggs entitled “New Evidence on the Phony Retirement Crisis.” The thrust of Biggs’ argument is that the average guy gets a pretty high benefit from Social Security; couple those benefits with 401(k) saving and he will be fine in retirement. So where’s the crisis? T…