Tax breaks designed to boost retirement savings may primarily benefit higher earners, leaving middle-class workers behind, according to a report.
Novavax Faces High-Stakes FDA Review This Week That Will Decide the Fate of Its Covid Vaccine in the U.S.One of the reasons for unequal tax benefits for retirement savings is our tax structure, explained Tyler Bond, National Institute on Retirement Security's research manager and report co-author.
For example, if a married couple filing together making $25,000 per year contributes 3% of earnings to their 401 plan, there's no upfront tax break since their earnings are below the $25,900 standard deduction for 2022. More than half of married couples filing together have an adjusted gross income below $100,000, Bond said, which means these families are seeing"relatively small" tax savings.
Unsurprisingly, the top earners are more likely to contribute higher percentages of earnings sooner, allowing more time for compounded growth and greater tax benefits over time, the findings show.
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