August 25, 2026 · 11 min
A replacement rate is not a promise
The percentage of earnings a pension replaces, and the four ways it gets measured.
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Pension Notes
One long, plain essay on pensions every other Tuesday, with the sums shown and the sources named.
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Two curves: saving at 25 and saving at 45
Two hand-drawn curves show how much of a pot comes from the first ten years.
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Reading a pension statement on the subway
The four lines that matter on a statement, and the three you can skip.