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来源类型Working Paper
规范类型报告
DOI10.3386/w28396
来源IDWorking Paper 28396
Is Automatic Enrollment Consistent with a Life Cycle Model?
Jason Scott; John B. Shoven; Sita Slavov; John G. Watson
发表日期2021-02-01
出版年2021
语种英语
摘要We examine optimal retirement saving for young adults in a life cycle model. We find that for liquidity-constrained young adults who anticipate significant earnings growth, optimal retirement saving is zero. Specifically, we find that with a plausible wage profile for college-educated workers, retirement saving does not begin until the late 30s or early 40s, even with standard employer matching. In fact, inducing workers in their mid 20s to participate in a retirement plan requires employer match rates of more than 1000 percent. In contrast, workers facing a flat wage profile begin saving much earlier in life. We also find that participating may be optimal for younger workers facing steeper wage profiles if they anticipate switching jobs and cashing out after 1-2 years. Our results suggest that automatically enrolling workers, regardless of age or anticipated future earnings, in defined contribution plans is not consistent with optimizing behavior in a life cycle model.
主题Microeconomics ; Households and Firms ; Labor Economics ; Labor Supply and Demand
URLhttps://www.nber.org/papers/w28396
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/586070
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GB/T 7714
Jason Scott,John B. Shoven,Sita Slavov,et al. Is Automatic Enrollment Consistent with a Life Cycle Model?. 2021.
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