From: Richard Arsinow <richard.arsinow@rauland.com>
Subject: RE: More on risk
Ridgeway, to make a fair comparison to the Burtless study we must use the Social Security 33.6% replacement rate at age 62 (a permanent 20% reduction from full benefits due to early retirement). Remember that Burtless' study was to age 62.
Even the worst example Mr. Reischauer cited did better than Social Security intends to do.
