"A realistic replacement rate, though hard to measure, is well below 80 percent. As important, the concept's usefulness is limited. Matching pre-retirement living standards can be desirable, but it's not a proper public-policy goal. How well people live in retirement depends mostly on how productively and prudently they lived before retirement. It's a matter of personal responsibility. Public policy should aim more modestly at protecting against hardship.... Studies aside, there's little real-world evidence of pervasive under-saving."  MORE >>