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GAO Report: Better Information on Income Replacement Rates Needed to Help Workers Plan for Retirement
U.S. Government Accountability Office [GAO] Mar. 2, 2016
76 pages. "The information and tools on replacement rates that the [DOL] provides may be too limited to help workers understand how to use such rates for retirement planning.... While EBSA's materials note that a target replacement rate can vary based on individual circumstances, they do not include specific examples of demographic groups that research indicates can result in higher or lower income replacement needs, or how much a replacement rate might need to be adjusted for those groups or for other individual circumstances.... Further, EBSA's worksheet and online tool for calculating how much to save use a default replacement rate with no opportunity for a user to adjust the rate based on individual circumstances. Without the ability to adjust the replacement rates used in planning tools, workers may over- or under-estimate how much they need to save for retirement." [GAO-16-242, Mar. 1, 2016]
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