More than eight in 10 households believe the current tax incentives to encourage retirement saving should be preserved, according to new research by the Investment Company Institute. The research is based on data collected in a survey of 3,000 U.S. households at the end of last year.
The ICI study-America's Commitment to Retirement Security: Investor Attitudes and Actions-found that such agreement was consistently high across various demographic and financial characteristics. Households were asked their views on changing the tax incentives for retirement plans and whether saving incentives for retirement should be a national priority.
It found that households overwhelmingly support maintaining the tax incentives for retirement saving. Eighty-five percent of all U.S. households disagreed when asked whether the tax advantages of defined contribution accounts should be eliminated. Eighty-three percent opposed any reduction in workers' account contribution limits. Among households owning defined contribution accounts or individual retirement accounts, nearly nine in 10 disagreed with eliminating or reducing the tax incentives.
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