Catch-up Contributions: An Innovative Policy Proposal for Social Security
Michael Papadopoulos and
Anthony Webb ()
No 2018-02, SCEPA policy note series. from Schwartz Center for Economic Policy Analysis (SCEPA), The New School
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
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Persistent link: https://EconPapers.repec.org/RePEc:epa:cepapn:2018-02
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