Catching up or crowding out? The crowd-out effects of catch-up retirement contributions on non-retirement saving

• 成果类型: Article
• 署名作者: Goodman, Lucas
• 署名单位: United States Department of the Treasury
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2020.104221
• 发表日期: 2020
• 关键词: Retirement; crowd-out; regression discontinuity; catch-up; 401(k)

摘要

Using tax data, this paper exploits a discontinuous increase in retirement contribution limits based on exact date of birth. This paper finds clear evidence that constrained individuals increase their retirement saving when so eligible, but finds no evidence suggesting that non-retirement saving falls. In the baseline specifications, one can rule out crowd-out greater than approximately 038 to 057 at the 95% confidence level depending on the measure used. This suggests that the additional contributions induced by catch-up eligibility represent an increase in total private saving. Published by Elsevier B.V.