Messrs Feldstein and Samwick also assume that retired folk will convert their personal retirement accounts into a variable-rate annuity, based on a combination of stocks and bonds, rather than a fixed-rate annuity.

ECONOMIST: Social Security reform

Her financial adviser then will shift some of her savings out of an annuity and into high-yielding bonds and real-estate investment trusts, aiming to double the return on that money to 10% a year.

WSJ: Boomers Find 401(k) Plans Come Up Short