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A Universal Retirement Plan can Reduce Inequality and Prevent Downward Mobility

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Abstract

Up to 40 percent of middle-income workers are at risk of downward mobility into poverty or near-poverty in retirement because of an inefficient retirement system that disproportionately benefits those with high incomes. Universal retirement accounts and providing workers with more equitable and better targeted tax incentives are among the best methods to supplement Social Security and prevent downward mobility in retirement.

Suggested Citation

  • Siavash Radpour & Teresa Ghilarducci, 2022. "A Universal Retirement Plan can Reduce Inequality and Prevent Downward Mobility," SCEPA policy note series. 2022-01, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2022-01
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    File URL: https://www.economicpolicyresearch.org/images/Retirement_Project/Policy_Notes/2022/Dec_Universal_Retirement_Accounts/Policy_Note_-_Universal_Savings_Plans.pdf
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    More about this item

    Keywords

    Universal retirement accounts; low-income; Workers; Jobs; Unemployment; Risk; Older workers; retirement income; retirement; retirement savings;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality
    • J62 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Job, Occupational and Intergenerational Mobility; Promotion
    • J38 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Public Policy
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • J83 - Labor and Demographic Economics - - Labor Standards - - - Workers' Rights
    • J32 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Nonwage Labor Costs and Benefits; Retirement Plans; Private Pensions

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