Will Auto-IRAs Help Households Cope with Emergency Expenses?

Siyan Liu and Laura D. Quinby

Issues in Brief from Center for Retirement Research

Abstract: State auto-IRA programs help workers build retirement savings, though participants can withdraw their contributions without taxes or penalties. But a new CRR survey of low- to moderate-income workers shows that only 10 percent would tap such an account for an emergency. Most workers prefer to keep the savings intact for retirement and have misperceptions about taxes and penalties. Whether the withdrawal process is described as “hard†or “easy†had little effect on withdrawals. But the “easy access†framing did make workers more enthused about auto-IRAs, which could help participation.

Pages: 8 pages
Date: 2024-10
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