Social Security Catch-Up Contributions

April 5, 2018

Older workers have not been able to save adequately for retirement.

The median retirement savings balance for older workers is only $15,000. This note outlines catch-up contributions, a proposal that would enable workers to purchase extra benefits through Social Security. Catch-up contributions alone cannot solve the problem of inadequate retirement savings, but they mitigate systemic shortcomings of 401(k)- and IRA-based savings programs.

Author: Teresa Ghilarducci, Anthony Webb, and Michael Papadopoulos
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