Optimal Savings for Retirement : The Role of Individual Accounts

Le Blanc, Julia; Scholl, Almuth

Optimal Savings for Retirement : The Role of Individual Accounts

Files

LeBlanc_0-318869.pdf(493.57 KB)

Date

2015

Authors

Le Blanc, Julia

Scholl, Almuth

Series

Working Paper Series / Department of Economics; 2015-10

Publication type

Working Paper/Technical Report

Publication status

Published

Abstract

We employ a life-cycle model with income risk to analyze how tax-deferred individual accounts affect households' savings for retirement. We consider voluntary accounts as opposed to mandatory accounts with minimum contribution rates. We contrast add-on accounts with carve-out accounts that partly replace social security contributions. Quantitative results suggest that making add-on accounts mandatory has adverse welfare effects across income groups. Carve-out accounts generate positive welfare across all income groups but gains are lower for low income earners. Default investment rules in individual accounts have a modest impact on welfare.

Subject (DDC)

330 Economics

Cite This

ISO 690

LE BLANC, Julia, Almuth SCHOLL, 2015. Optimal Savings for Retirement : The Role of Individual Accounts

BibTex

@techreport{LeBlanc2015Optim-32696,
  year={2015},
  series={Working Paper Series / Department of Economics},
  title={Optimal Savings for Retirement : The Role of Individual Accounts},
  number={2015-10},
  author={Le Blanc, Julia and Scholl, Almuth}
}

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