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Laying the Groundwork for More Efficient Retirement Savings

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Abstract

Better designed retirement savings incentives that target lower-income workers—for instance, those who do not work for an employer that offers retirement benefits—would make a real difference in workers' retirement preparedness. In a joint issue brief with the Center for American Progress (CAP), CAP Senior Fellow Christian Weller and SCEPA Director Teresa Ghilarducci call for reforming the tax code to prioritize refundable tax credits over new tax deductions; emphasize progressive savings matches that offer relatively higher benefits to lower-income households; create savings incentives that are simple to use; and establish new savings options, such that gaining access to savings incentives depends less on employers offering retirement plans.

Suggested Citation

  • Teresa Ghilarducci & Christian E. Weller, 2015. "Laying the Groundwork for More Efficient Retirement Savings," SCEPA publication series. 2015-03, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2015-03
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    File URL: https://cdn.americanprogress.org/wp-content/uploads/2015/11/17071405/RetirementIncentives-report.pdf
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    More about this item

    Keywords

    Retirement; Social Security; Tax; Saving;
    All these keywords.

    JEL classification:

    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth

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