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Corrections to CBO's Analysis of Replacement Rates for Social Security
Congressional Budget Office [CBO] Link to more items from this source
Feb. 10, 2016
"[R]eplacement rates were defined to be initial benefits as a percentage of average late-career earnings; for those calculations, earnings consisted of the last five years of earnings that were at least half of a worker's average indexed earnings, adjusted for growth in prices. The estimates reported in December inadvertently included years with earnings below those intended amounts.... The corrected version shows substantially lower mean initial replacement rates for retired and disabled workers[.]"

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