TITLE

Cecil Hemingway on Replacement Ratios, Retirement Thinking, and Our Long Tail Problem

AUTHOR(S)
Lee, Shelley A.
PUB. DATE
May 2009
SOURCE
Journal of Financial Planning;May2009, Vol. 22 Issue 5, p18
SOURCE TYPE
Academic Journal
DOC. TYPE
Interview
ABSTRACT
The article presents an interview with Cecil Hemingway, executive vice president and U.S. retirement practice leader with Aon Consulting. He notes that a study conducted by Aon in 1989 found that lower tax rates caused an increase in an employee's replacement ratio, or the fraction of pre-retirement income a person would need in retirement. Tax considerations imply that a middle-income person needs a higher replacement ratio than a low-income earner. He believes that the trend towards defined-contribution plans has increased the possibility that a person might outlive his or her retirement savings.
ACCESSION #
39750928

 

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