“Catch-Up Contributions†An Equitable and Affordable Solution to the Retirement Savings Crisis

Teresa Ghilarducci, Michael Papadopoulos, Wei Sun and Anthony Webb ()
Authors registered in the RePEc Author Service: Armon Rezai

No 2017-02, SCEPA working paper series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

Abstract: This research was performed pursuant to a grant from the AARP Innovation Challenge. To address the needs of two overlapping groups – low and moderate wage workers and workers in their 50s with no or inadequate retirement wealth – we propose a program of cost-neutral voluntary (at least initially) Social Security catch-up contributions, into which all workers would be defaulted, starting at age 40 or 50. The program would use the progressivity of the Social Security benefit formula to target low-wage workers and to prevent adverse selection.

Keywords: Social Security; retirement savings; retirement wealth inequality (search for similar items in EconPapers)
JEL-codes: D15 H55 J26 (search for similar items in EconPapers)
Date: 2017-05
New Economics Papers: this item is included in nep-age and nep-pbe
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepawp:2017-09

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