Correction: The Composition and Drawdown of Wealth in Retirement

摘要

In extending our research on issues related to those in this paper, we have discovered an error in our calculations of the expected present discounted value of life-contingent payout streams in our paper "The Composition and Drawdown of Wealth in Retirement," published in the Fall 2011 issue of this journal.1 This error affected entries in Tables 1 and 2 of the paper and the associated discussion. The error overstated the wealth-equivalent value of both Social Security and defined beffefit pensions. The corrected values, shown in the tables below, indicate that the average capitalized value of Social Security for all retirement-age households is $204,264 rather than $341,556.