Mandatory Retirement Savings

Meir Statman

Santa Clara University - Department of Finance

March 1, 2013

Nudges toward voluntary defined-contribution retirement savings have moved many non-savers into savings but have left many behind. I argue that it is time to switch from libertarian-paternalistic nudges to fully paternalistic shoves. I draw on evidence from the United States and other countries to advocate a retirement savings solution centered on a paternalistic second layer of mandatory private defined-contribution savings accounts in a retirement savings pyramid, above the paternalistic first layer of Social Security and below the libertarian third layer of voluntary savings.

Number of Pages in PDF File: 12

Keywords: Retirement savings, Social Security, defined-contributions, Retirement

JEL Classification: G30, H55, H50

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Date posted: March 10, 2013  

Suggested Citation

Statman, Meir, Mandatory Retirement Savings (March 1, 2013). Available at SSRN: http://ssrn.com/abstract=2230546 or http://dx.doi.org/10.2139/ssrn.2230546

Contact Information

Meir Statman (Contact Author)
Santa Clara University - Department of Finance ( email )
500 El Camino Real
Santa Clara, CA 95053
United States
408-554-4147 (Phone)
408-554-4029 (Fax)
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