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The Case for Using Subsidies for Retirement Plans to Fix Social Security

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  • Andrew G. Biggs
  • Alicia H. Munnell

Abstract

Tax preferences for saving in retirement plans are expensive – about $185 billion in 2020, according to Treasury estimates. Strikingly, they also seem a bad deal for taxpayers, primarily benefiting high earners while failing to significantly boost national saving. Thus, the case is strong for eliminating or reducing these preferences. The resulting increase in tax revenues could be reallocated to fixing Social Security’s finances.

Suggested Citation

  • Andrew G. Biggs & Alicia H. Munnell, 2024. "The Case for Using Subsidies for Retirement Plans to Fix Social Security," Issues in Brief ib2024-02, Center for Retirement Research.
    • Handle: RePEc:crr:issbrf:ib2024-02
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