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The Inefficiencies of Existing Retirement Savings Incentives

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Abstract

The growing retirement crisis results, in part, from inefficient savings incentives embedded in the U.S. tax code. In a joint issue brief with the Center for American Progress (CAP), CAP Senior Fellow Christian Weller and SCEPA Director Teresa Ghilarducci find that households that need the most help saving for retirement receive the least assistance from the multitude of savings incentives in the U.S. tax code, for three reasons. First, existing savings incentives can be incredibly complex. Second, savings incentives often benefit higher-income earners more than middle- and lower-income earners. Third, the public loses out on tax revenue that otherwise would have been collected. Tax reform is needed to simplify savings incentives and better target incentives.

Suggested Citation

  • Teresa Ghilarducci & Christian E. Weller, 2015. "The Inefficiencies of Existing Retirement Savings Incentives," SCEPA publication series. 2015-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapb:2015-02
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    File URL: https://cdn.americanprogress.org/wp-content/uploads/2015/10/29075443/ExistingRetirementIncentives-brief.pdf
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    Cited by:

    1. Christian E. Weller & Connor Maxwell & Danyelle Solomon, 2021. "Simulating How Large Policy Proposals Affect the Black-White Wealth Gap," Journal of Economics, Race, and Policy, Springer, vol. 4(3), pages 196-213, September.
    2. Christian E. Weller & David Madland, 2022. "Unions, Race, Ethnicity, and Wealth: Is There a Union Wealth Premium for People of Color?," Journal of Economics, Race, and Policy, Springer, vol. 5(1), pages 25-40, March.

    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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