Social security and retirement savings accounts
DOI:
https://doi.org/10.61190/fsr.v19i1.4962Keywords:
Pensions, Retirement planning, Social SecurityAbstract
The turmoil in financial markets has brought increased attention to the use of defined contribution and 40 I (k) plans. Many believe that the benefits of 40 I (k)s are disproportionately available to the wealthy and that 401(k)s do little to help lower income workers prepare for retirement. This paper offers a proposal tying such accounts into Social Security reform. Our proposal generates increased retirement security for workers without imposing new taxes. has little or no transition costs, does not reduce revenues currently flowing to the U.S. Treasury. but does generate nontrivial reductions in Social Security costs.
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