a simple life cycle explanation for savings. They also raise questions about whether pensions are fundamentally a tax … avoidance device, allowing substitution of pension for nonpension savings …

earners are higher. Additional savings made over the seven years remaining until retirement will raise those replacement rates … adjustments made for the absence of preretirement savings, children, taxes, work related expenses and other factors, these … are not consistent with a simple life cycle explanation for savings. They also raise questions about whether pensions are …