IDEAS home Printed from https://ideas.repec.org/p/epa/cepapn/2018-02.html
   My bibliography  Save this paper

Catch-up Contributions: An Innovative Policy Proposal for Social Security

Author

Listed:

Abstract

Older workers have not been able to save adequately for retirement. The median retirement savings balance for older workers is only $15,000. This note outlines catch-up contributions, a proposal that would enable workers to purchase extra benefits through Social Security. Catch-up contributions alone cannot solve the problem of inadequate retirement savings, but they mitigate systemic shortcomings of 401(k)- and IRA-based savings programs.

Suggested Citation

  • Teresa Ghilarducci & Michael Papadopoulos & Anthony Webb, 2018. "Catch-up Contributions: An Innovative Policy Proposal for Social Security," SCEPA policy note series. 2018-02, Schwartz Center for Economic Policy Analysis (SCEPA), The New School.
    • Handle: RePEc:epa:cepapn:2018-02
    as

    Download full text from publisher

    File URL: https://www.economicpolicyresearch.org/images/docs/research/retirement_security/Catch-Up_Contributions.pdf
    Download Restriction: no
    ---><---

    More about this item

    Keywords

    Retirement; Retirement savings; Social Security; 401k; Savings; Older workers;
    All these keywords.

    JEL classification:

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

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:epa:cepapn:2018-02. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Bridget Fisher (email available below). General contact details of provider: https://edirc.repec.org/data/cenewus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.