Expanding the Saver’s Credit
Expanding the Saver’s Credit
Two recent legislative proposals look to boost retirement savings by expanding the Saver’s Credit, a tax credit that provides a “government match” for lower-income households making contributions to their retirement accounts. In this paper, we explore how such an expansion would address long-standing, persistent financial gaps between racial groups, both in savings and wealth.
What's Inside
What's Inside
- An overview of how the current expansion proposals would impact racial wealth gaps between Hispanic and white households and between Black and white households
- Our proposed changes to the credit expansions that helps further reduce racial wealth gaps
- The importance of contributing to a retirement account in order to receive the benefits of expanding the Saver’s Credit