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

Teresa Ghilarducci, Michael Papadopoulos and Anthony Webb ()

No 2018-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School

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.

Keywords: Retirement; Retirement savings; Social Security; 401k; Savings; Older workers (search for similar items in EconPapers)
JEL-codes: E21 H55 J26 J32 (search for similar items in EconPapers)
Pages: 6 pages
Date: 2018-04
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapn:2018-02

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