Tag: Social Security replacement rates
Social Security alone is simply not enough, new Vanguard study confirms. People often assume that the retirement needs of low-wage workers are covered by Social Security’s progressive benefit formula. That assessment has never been correct. Social Security was never intended to be the sole source of income for any group of retirees. Social Security replacement…
My colleagues and I have always had this notion that, because wage levels vary across the country, workers in high-cost areas would receive lower replacement rates under Social Security’s progressive benefit formula than otherwise identical workers in low-cost areas. This variation in replacement rates could then cause those in high-cost areas to retire later, sav…
