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GAO Report Identifies Overall Gaps in Retirement Savings, But Focus of Retirement Security Reform Should Be on Uncovered Population
Jack VanDerhei, Employee Benefit Research Institute [EBRI]Link to more items from this source
[Opinion]
June 4, 2015
"[R]eplacement rates are NOT appropriate in large-scale policy models for determining whether an individual will run short of money in retirement. Why? Because simply setting a target replacement rate at retirement age and suggesting that anyone above that threshold will have a 'successful' retirement completely ignores: Longevity risk. Post-retirement investment risk. Long-term care risk.... The evidence from EBRI's simulation modeling certainly agrees with the GAO that a significant percentage of households will likely run short of money in retirement if coverage is not increased. However this is because we model all the major risks in retirement and do not simply assume some ad-hoc replacement rate threshold."

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