The Congressional Budget Office has published corrections tocontroversial Social Security income replacementrate data published in December 2015.
In the numbers first published in CBO’s 2015 Long-Term Projections for SocialSecurity, the non-partisan agency, which providesbudget and economic research for Congress, reported that theaverage replacement rate for retirees born in the 1940s was 60percent.
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’sdirector, in a blog post announcing the correction.
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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.
