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Automatic IRAs: lower-earning households could realize increases in retirement income: report to the Ranking Member, Subcommittee on Select Revenue Measures, Commit

Automatic IRAs: lower-earning households could realize increases in retirement income: report to the Ranking Member, Subcommittee on Select Revenue Measures, Commit

          
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About the Book

"Participants in DC plans and IRAs may receive tax incentives for their contributions and lower-earning households may qualify for the Saver's Credit, an additional tax incentive for their contributions. However, less than half of the workforce participates in an employer-sponsored plan and upper-income workers have been more likely to take advantage of associated tax incentives. In recent years, proposals have been put forth to modify the Saver's Credit and create automatic IRAs, under which employers who do not sponsor a plan would generally be required to offer their employees the opportunity to save in an IRA through payroll deduction. These proposals would have fiscal impacts for the federal government.GAO was asked to review tax incentives for contributions to DC plans and automatic IRAs. GAO examined (1) the earnings and tax rates of households that do not have DC plans or IRAs, (2) the effects of the Saver's Credit on retirement income, and (3) the effects of automatic IRAs on retirement income, especially for low- and middle-income workers. GAO examined the characteristics of households that do not take advantage of these tax incentives using data from the 2010 Survey of Consumer Finances, simulated the effects of the Saver's Credit and automatic IRAs, and reviewed related proposals.GAO is making no recommendations. GAO received technical comments"


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Product Details
  • ISBN-13: 9781974187645
  • Publisher: Createspace Independent Publishing Platform
  • Publisher Imprint: Createspace Independent Publishing Platform
  • Height: 280 mm
  • No of Pages: 66
  • Spine Width: 4 mm
  • Width: 216 mm
  • ISBN-10: 1974187640
  • Publisher Date: 03 Aug 2017
  • Binding: Paperback
  • Language: English
  • Returnable: N
  • Weight: 177 gr


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