● Tax subsidies for retirement saving cost $180 billion in 2016 and is one of the largest tax sources of revenue loss for the government.
● Evidence based on administrative data finds that tax incentives only induce a minority of households to save more. So-called “nudges” might be just as or more important.
● In 2017, 30 states are exploring different types of retirement savings reforms. State reforms may help inform a national policy to increase household saving.