Over at Forbes, I write about how new figures on Social Security "replacement rates" published by the CBO in response to a recent expert panel report to the Social Security Advisory Board will open questions about the adequacy of Social Security benefits and of Americans' overall retirement savings.
The short story is that CBO's new numbers -- which compare Social Security benefits to the final five years of substantial earnings prior to age 62 -- show Social Security benefits coming far closer to the 70 percent total replacement rate recommended by most financial advisers. To me, this doesn't make a strong case for expanding Social Security or for declaring a broader "retirement crisis."
Click here to read the whole article. Read more!