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CBO and SSA Agree: Social Security Typically Provides 40 Percent Income Replacement
Paul N. Van de Water, Center on Budget and Policy Priorities 
Feb. 18, 2016
"Social Security benefits replace only about 40 percent of an average retiree's recent earnings, new Congressional Budget Office (CBO) estimates show. The actuaries at the Social Security Administration (SSA) find a similar result using a different technique. By either measure, Social Security benefits are not overly generous.... In addition to showing replacement rates based on career-average earnings for hypothetical workers, the panel advised, the trustees' report should show replacement rates based on late-in-life earnings for actual beneficiaries. The two different approaches turn out to produce essentially the same result."
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