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Social Security benefits are stingy
Two recent developments that I have found both annoying and dangerous are the deletion of replacement-rate information from the annual Social Security Trustees Report and the coordinated campaign in the press arguing that the elderly have plenty of money. Hence, I was delighted to see a chart in the most recent edition of the OECD’s Pensions at a Glance that addresses both issues. The chart below shows, for each country’s mandatory retirement system, the gross replacement rate—benefits as a percent of pre-retirement earnings—for single individuals earning the average wage…Read More