Abstract
IT COMES TO RETIREMENT INCOME POLICY, there IS a general perception that workers have full forty-year working careers before retiring. It is even assumed that workers with low lifetime earnings have low earnings in each and every year during a normal working career. For example, the Social Security Administration's Office of the Actuary uses three or four stylized workers for their distributional analysis (see, for example, appendix II in Social Security Advisory Council 1997) with the lifetime low-wage earner earning 45 percent of the economy-wide annual wage every year for forty years. Likewise the averagewage and highwage earners are assumed to have forty-year working careers. Minimumwage workers are assumed to have at least thirty-year working careers earning the minimum wage (see, for example, the January
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