Tag: retirement savings
The brief’s key findings are: The tax deferral for 401(k) plans costs the Treasury about $50-70 billion per year. Calculating the cost requires comparing how much individuals would pay in taxes on savings within a 401(k) to how much they would pay outside a 401(k). Recent deficit reduction proposals would lower 401(k) contribution caps, which would reduc…
People often ask how baby boomers compare with their parents in terms of being prepared for retirement. The easiest way to answer that question is to look at the ratio of wealth to income from the Survey of Consumer Finances (SCF), the Federal Reserve’s comprehensive survey of household wealth in the United States. The notion…
