The case for using subsidies for retirement plans to fix Social Security

Biggs, Andrew G., and Alicia Haydock Munnell. “The case for using subsidies for retirement plans to fix Social Security”. Issue in Brief 2024-2, Chestnut Hill, Mass.: Center for Retirement Research at Boston College, January 2024. http://hdl.handle.net/2345/bc-ir:109882.
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Abstract

The brief's key findings are: (1) Tax preferences for saving in retirement plans are expensive -- about $185 billion in 2020, according to Treasury estimates. (2) Strikingly, they also seem a bad deal for taxpayers, primarily benefiting high earners while failing to significantly boost national saving. (3) Thus, the case is strong for eliminating or reducing these preferences. (4) The resulting increase in tax revenues could be reallocated to fixing Social Security's finances.

Title
The case for using subsidies for retirement plans to fix Social Security
Author
Biggs, Andrew G.
Munnell, Alicia Haydock
School
Carroll School of Management
Discipline
Finance
Center
Center for Retirement Research
Genre
report
Date Issued
January 2024
Publisher
Center for Retirement Research at Boston College
Series Title
Issue in Brief
Series Number
2024-2
Persistent Link
http://hdl.handle.net/2345/bc-ir:109882
Use Restrictions
These materials are made available for use in research, teaching and private study, pursuant to U.S. Copyright Law. The user must assume full responsibility for any use of the materials, including but not limited to, infringement of copyright and publication rights of reproduced materials. Any materials used for academic research or otherwise should be fully credited with the source. The publisher or original authors may retain copyright to the materials.
Subject
Social Security
Financing Retirement

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