Dissenting Views: Retirement Planning and Jack Bogle
The opposition speaks.
Living in a Material World
Last week, I aired the claims of Gaobo Pang and Sylvester J. Schieber's (PS) paper, American Workers' Retirement Income Security Prospects: A Critique of Recent Assessments. That article painted a relatively rosy picture of American retirement planning, stating that pessimistic projections understate the amount of "catch-up" savings that will occur in the final years before retirement. The paper also argued for lower income-replacement ratios than are commonly modeled, in the 60% to 70% range as opposed to 85%. According to the authors, the combination of higher-than-expected savings and lower-than-expected needs will fix much of America's retirement "crisis."
Financial writer (and advisor) Bill Bernstein is having none of that.
John Rekenthaler does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.