The Congressional Budget Office has published corrections to controversial Social Security income replacement rate data published in December 2015.
In the numbers first published in CBO’s 2015 Long-Term Projections for Social Security, the non-partisan agency, which provides budget and economic research for Congress, reported that the average replacement rate for retirees born in the 1940s was 60 percent.
But the corrected number, which CBO said resulted from “questions raised by outside analysts,” is 43 percent, a “substantially” lower replacement rate, wrote Keith Hall, CBO’s director, in a blog post announcing the correction.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
