UM23-01: Who Benefits from Retirement Saving Incentives in the U.S.? Evidence on Racial Gaps in Retirement Wealth Accumulation



Retirement saving is heavily subsidized in the U.S. Employers and the federal government devote a combined $300 billion annually to encourage contributions to defined contribution (DC) schemes. This institutional design rewards those who can, and do, save more for retirement. We propose to study the distributional impact of these transfers across racial groups using a new linked employer-employee data set covering millions of Americans.

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