Total replacement rate at different accumulation phases from Monte Carlo simulations (%). Note: The zero return point corresponds to the scenario in which all 22% of the contribution is allocated to the insurance part; at other points, the transfer of 16% of income to the insurance part and 6% to the savings is implied; a point with a yield of 8.6% corresponds to the OFZ strategy, and a point with a yield of 16.5% corresponds to the 60/40 strategy; the rest of the points suggest stylized strategies with a risk-return ratio indicated in the legend. Source: Authors’ calculations.