Would the Enhancing American Retirement Now (EARN) Act Enhance Retirement Equity?

50 Tax Management Compensation Planning Journal, No. 11

14 Pages Posted: 17 Nov 2022

Date Written: November 4, 2022

Abstract

Congress is expected to agree upon major retirement legislation in the coming months. The EARN Act which was developed by the Senate Finance Committee, should be revised to better enhance retirement equity, particularly for the many American workers and their families who are seeking to accumulate sufficient savings to retire comfortably. Three major changes would help achieve this goal: (1) focus retirement incentives more quickly on those with inadequate retirement savings; (2) insure that those seeking to meet their reasonable retirement needs are the ones targeted for incentives; and (3) reduce the incentives for those with savings in excess of their reasonable retirement needs. Congress can and should do more to enhance retirement equity for American workers and their families.

Keywords: Retirement, income, pensions, equity, savings, tax incentives, tax expenditures, SECURE Act, tax policy, minimum required distributions, required minimum distributions, 401(k) plans, IRAs, Roth IRA, participant, beneficiary, income tax, tax deferral, estate planning, tax planning, senior citizens

JEL Classification: I18, J26, J32, J33, K34, K39

Suggested Citation

Feuer, Albert, Would the Enhancing American Retirement Now (EARN) Act Enhance Retirement Equity? (November 4, 2022). 50 Tax Management Compensation Planning Journal, No. 11 , Available at SSRN: https://ssrn.com/abstract=4275858

Albert Feuer (Contact Author)

Law Offices of Albert Feuer ( email )

New York, NY
United States
718-263-9874 (Phone)

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