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Author : June Dewetering
Publisher :
ISBN 13 : 9780660157009
Total Pages : 15 pages
Book Rating : 4.1/5 (57 download)
Download or read book Reforming Retirement Saving Tax Incentives written by June Dewetering and published by . This book was released on 1994 with total page 15 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Domingue
Publisher :
ISBN 13 : 9780660136875
Total Pages : 17 pages
Book Rating : 4.1/5 (368 download)
Download or read book Reforming retirement saving tax incentives written by Richard Domingue and published by . This book was released on 1990 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Elaine Gardner-O'Toole
Publisher :
ISBN 13 :
Total Pages : 546 pages
Book Rating : 4.:/5 (31 download)
Download or read book Reforming Retirement Saving Tax Incentives written by Elaine Gardner-O'Toole and published by . This book was released on 1993 with total page 546 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Canada. Parliament. Library. Research Br
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (19 download)
Download or read book Reforming Retirement Saving Tax Incentives written by Canada. Parliament. Library. Research Br and published by . This book was released on 19?? with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 20 pages
Book Rating : 4.:/5 (319 download)
Download or read book Reforming Retirement Saving Tax Incentives written by and published by . This book was released on 1995-04 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David Kamin
Publisher :
ISBN 13 :
Total Pages : 82 pages
Book Rating : 4.:/5 (13 download)
Download or read book Getting Americans to Save written by David Kamin and published by . This book was released on 2016 with total page 82 pages. Available in PDF, EPUB and Kindle. Book excerpt: According to the most recent literature, one of the primary systems for getting Americans to save more -- a system of tax-preferred retirement accounts -- is fundamentally broken and should be abandoned. This system of 401(k)s, Individual Retirement Accounts (IRAs), and other tax-preferred accounts cost the government about $80 billion per year, and influential new research by Raj Chetty, John Friedman, and co-authors -- among others -- suggests that tax incentives like these are unable to substantially increase private saving. However, this case against tax incentives is overstated. A comprehensive review of the literature suggests that tax incentives, in fact, probably can increase saving among many people -- and particularly among those participating who are financially unsophisticated and have low savings. Further, the findings of Chetty, Friedman, and co-authors have been both over-interpreted and misinterpreted in important ways. Based on this and an analysis of the trade-offs involved in choosing among instruments to encourage greater saving, this article concludes that tax incentives should be used, but they should be appropriately targeted and deployed, unlike in the current system. And they should be used in combination with a mandatory saving floor and nudges to increase saving above that floor. This is an “all-of-the-above” approach -- including the use of tax incentives -- that reflects the apparent variation in how people react to these instruments and that should achieve better outcomes than using any one or two of these instruments alone.
Author : William G. Gale
Publisher : Brookings Institution Press
ISBN 13 : 0815739354
Total Pages : 406 pages
Book Rating : 4.8/5 (157 download)
Download or read book Wealth After Work written by William G. Gale and published by Brookings Institution Press. This book was released on 2021-07-27 with total page 406 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pensions and retirement saving plans have helped millions of households build financial security. But tens of millions of people have been left behind, without access to these wealth accumulation vehicles. For many others, the plans they have do not ensure financial security in retirement. The problems that underlie these failures can be addressed. This book proposes concrete, practical ways to make dependable retirement income accessible for all Americans—not just those with means. Individual accounts have eclipsed traditional pensions as the primary vehicle for retirement saving in the United States—a shift that underlies many sources of retirement insecurity. The 401(k) plan and similar accounts have increased financial security for many people but have done nothing for millions more. Many of those who do have such plans are burdened with the need to make numerous saving, investment, and withdrawal decisions that stress their financial acumen. Financial advice that is unbiased, unconflicted, and affordable is often difficult to find. Managing wealth in retirement—especially the need to convert retirement savings into steady income—poses significant challenges that current financial instruments and practices do not adequately address. Economic downturns like the Great Recession and the COVID-19 pandemic increase financial insecurity and make addressing these issues more urgent. Written by noted experts in the field, Wealth After Work offers practical solutions that address these concerns. The proposals show how policymakers can help all Americans gain access to retirement savings accounts, obtain better information about their savings choices, and better manage their wealth in retirement. By proposing solutions that build on, rather than replace the existing system, the book provides a nuanced, practical guide to reform that would benefit all Americans.
Author : Edward A. Morse
Publisher :
ISBN 13 :
Total Pages : 75 pages
Book Rating : 4.:/5 (129 download)
Download or read book Travails of the Entrepreneurial Ant written by Edward A. Morse and published by . This book was released on 2006 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt: This article addresses an important public issue ? retirement security ? for self-employed small business owners. Although some in this cohort enjoy conspicuous affluence, many self-employed people ? such as shopkeepers, farmers, restaurateurs, and building contractors ? have modest incomes. They earn a living much like their employee counterparts, but without the security of employer-provided benefits. Current law allows the self-employed to establish retirement saving plans for themselves and their employees on a similar basis as larger employers. However, those plans fail to take into account practical constraints on participation, particularly capital formation demands. Small business owners often struggle to accumulate the capital needed to start their businesses and keep them competitive. They are savers, but their form of saving does not obtain the same tax-favored status as a retirement saving plan. The article starts with a basic discussion of retirement savings options and the economic benefits of tax-favored saving. It then discusses empirical data showing limited participation in retirement savings by small businesses generally, and more particularly by self-employed business owners. It explains that tax benefits received from business investment are not equivalent to tax benefits from retirement saving, and it shows how current rules contribute to a quot;lock-inquot; effect that limits efficient redeployment of business assets. The article discusses reforms to enhance retirement security and efficient deployment of business assets, including: (1) expanding options to access funds through loans; (2) changing the income tax base for contributions to include gains from the sale of business property; and (3) allowing additional contributions to tax-favored plans, up to a defined maximum balance, for those selling businesses in transition to retirement.
Download or read book Tax Reform and the Impact on Employee Benefits written by and published by . This book was released on 1997 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard L. Kaplan
Publisher :
ISBN 13 :
Total Pages : 41 pages
Book Rating : 4.:/5 (13 download)
Download or read book Reforming the Taxation of Retirement Income written by Richard L. Kaplan and published by . This book was released on 2013 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: Legal and financial analyses abound about various means of saving for retirement and the tax advantages that they present, but very little attention has been paid to how retirement income is generated and the tax consequences that pertain to its generation. This article fills that void by examining the three major sources of retirement income: Social Security, employment-based retirement plans, and personal savings. For each of these sources, this article considers how retirement income is generated, sets forth the applicable federal income tax treatment, and proposes reforms to make the pertinent tax rules more sensible. Among its recommendations are simplifying how Social Security retirement benefits are taxed, bifurcating defined contribution plan withdrawals into capital gains and ordinary income components, repealing certain exceptions to the early distribution penalty, reducing the delayed distribution penalty and adjusting the age at which it is triggered, and changing the residential gain exclusion to avoid unanticipated problems with reverse mortgages.
Author : Peter A. Diamond
Publisher : Rowman & Littlefield
ISBN 13 : 0815797834
Total Pages : 322 pages
Book Rating : 4.8/5 (157 download)
Download or read book Saving Social Security written by Peter A. Diamond and published by Rowman & Littlefield. This book was released on 2006-05-25 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: New in Paperback. While everyone agrees that Social Security is a vital and necessary government program, there have been widely divergent plans for reforming it. Peter A. Diamond and Peter R. Orszag, two of the nation's foremost economists, propose a reform plan that would rescue the program both from its projected financial problems and from those who would destroy the program in order to save it. Since the publication of the first edition of this book in 2004, the Social Security debate has moved to the center of the domestic policy agenda. In this updated edition of Saving Social Security, the authors analyze the Bush Administration's proposal for individual accounts and discuss the so-called "price indexing" proposal to restore long-term solvency through changing how initial benefits would be calculated. Soc ial Security is essis essential reading for policymakers involved in reform, analysts, students, and all those interested in the fate of this safeguard of American lives. "An honest, transparent and comprehensive approach to making the much needed reforms to the Social Security program."—Journal of Pensions, Economics, and Finance "Very accessible presentation of facts, analysis of underlying problems, comparison of opinions, and argument for proposed reforms."—Future Survey Exhaustively researched and deeply entrenched in practical issues and mathematical calculations... a highly recommended ray of hope against a looming national crisis." —Wisconsin Bookwatch "Diamond and Orszag bring some welcome realism and decency to the debate."—Robert M. Solow, Institute Professor Emeritus, Massachusetts Institute of Technology, Nobel Laureate in Economics
Author : United States. Department of the Treasury
Publisher :
ISBN 13 :
Total Pages : 12 pages
Book Rating : 4.:/5 (327 download)
Download or read book Estimates of Federal Tax Expenditures written by United States. Department of the Treasury and published by . This book was released on 1975 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Matthew S. Rutledge
Publisher :
ISBN 13 :
Total Pages : 37 pages
Book Rating : 4.:/5 (13 download)
Download or read book Do Tax Incentives Increase 401(K) Retirement Saving? Evidence from the Adoption of Catch-Up Contributions written by Matthew S. Rutledge and published by . This book was released on 2016 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: The U.S. government subsidizes retirement saving through 401(k) plans with $61.4 billion in tax expenditures annually, but the question of whether these tax incentives are effective in increasing saving remains unanswered. Using longitudinal U.S. Social Security Administration data on tax-deferred earnings linked to the Survey of Income and Program Participation, the project examines whether the “catch-up provision,” which was enacted in 2001 and allows workers over age 50 to contribute more to their 401(k) plans, has been effective in increasing earnings deferrals. Compared with similar workers under age 50, the study finds that contributions increased by $540 more among age-50-plus individuals who had approached the 401(k) tax-deferral limits prior to turning 50, suggesting that the older individuals respond to the expanded tax incentives. For this group, the elasticity of retirement savings to the tax incentive is quite high: a one-dollar increase in the tax-deferred limit leads to an immediate 49-cent increase in 401(k) contributions.
Author : Mr.Benedict J. Clements
Publisher : International Monetary Fund
ISBN 13 : 147556631X
Total Pages : 86 pages
Book Rating : 4.4/5 (755 download)
Download or read book The Challenge of Public Pension Reform in Advanced and Emerging Economies written by Mr.Benedict J. Clements and published by International Monetary Fund. This book was released on 2013-01-25 with total page 86 pages. Available in PDF, EPUB and Kindle. Book excerpt: Pension reform is high on the policy agenda of many advanced and emerging market economies. In advanced economies the challenge is generally to contain future increases in public pension spending as the population ages. In emerging market economies, the challenges are often different. Where pension coverage is extensive, the issues are similar to those in advanced economies. Where pension coverage is low, the key challenge will be to expand coverage in a fiscally sustainable manner. This volume examines the outlook for public pension spending over the coming decades and the options for reform in 52 advanced and emerging market economies.
Author : Martin Neil Baily
Publisher :
ISBN 13 : 9780197639290
Total Pages : 0 pages
Book Rating : 4.6/5 (392 download)
Download or read book The Retirement Challenge written by Martin Neil Baily and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We need a new retirement paradigm as private pensions disappear. Families must take more responsibility for their retirement by saving consistently, working long enough to accumulate enough savings, and spending their savings at an appropriate rate in retirement. Families cannot build a secure retirement by themselves, however; they need help from government and employers. This book discusses the strengths and weaknesses of our current retirement system and suggests feasible, sensible reforms to make it much better. Policymakers must put Social Security and Medicare on a sound financial footing. They should provide incentives for all employers to set up retirement savings plans and, for workers who lack access to an employer-provided plan, create federal- or state-run plans so that all workers can save for retirement. Policymakers should reform the large tax incentives for retirement saving that mostly benefit affluent families so that they help all families. Insurance markets can help families manage the risks of uncertain lifetimes and the cost of long-term care, but they don't work well. Neither does the market for reverse mortgages that could help families deploy the equity in their homes. Most companies have shut down their traditional pension programs, but they can contribute to 401(k)-type plans for their employees and encourage all employees to contribute to them as well. They can give employees the option to buy annuities and long-term care insurance as part of their retirement packages and negotiate group rates for these policies.
Author : National Research Council
Publisher : National Academies Press
ISBN 13 : 0309261961
Total Pages : 230 pages
Book Rating : 4.3/5 (92 download)
Download or read book Aging and the Macroeconomy written by National Research Council and published by National Academies Press. This book was released on 2013-01-10 with total page 230 pages. Available in PDF, EPUB and Kindle. Book excerpt: The United States is in the midst of a major demographic shift. In the coming decades, people aged 65 and over will make up an increasingly large percentage of the population: The ratio of people aged 65+ to people aged 20-64 will rise by 80%. This shift is happening for two reasons: people are living longer, and many couples are choosing to have fewer children and to have those children somewhat later in life. The resulting demographic shift will present the nation with economic challenges, both to absorb the costs and to leverage the benefits of an aging population. Aging and the Macroeconomy: Long-Term Implications of an Older Population presents the fundamental factors driving the aging of the U.S. population, as well as its societal implications and likely long-term macroeconomic effects in a global context. The report finds that, while population aging does not pose an insurmountable challenge to the nation, it is imperative that sensible policies are implemented soon to allow companies and households to respond. It offers four practical approaches for preparing resources to support the future consumption of households and for adapting to the new economic landscape.
Author :
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book Taxation of Saving for Retirement written by and published by . This book was released on 2009 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most advanced countries exempt returns to retirement saving from income tax, but private saving rates are falling and many people are saving too little for retirement. There is a trade-off between the goals of promoting wide participation in retirement saving plans and allowing more choice to employees. In the United States, purely employer funded plans have been replaced by plans that rely more on voluntary employee contributions, while private saving has declined. Two approaches that may promote more retirement saving are refundable tax credits for low-income workers and rules that encourage or require automatic enrollment in retirement saving plans.
