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Low-Paid Means at Risk in Retirement
The Washington Post; subscription may be required Oct. 15, 2007
Excerpt: [G]uess which workers most often choose not to put aside money for retirement? Lower-income workers often struggle just to meet the mortgage or pay the rent. Even if they do have money to save, the incentives are not as enticing for them as for higher-income workers, said Christian E. Weller, senior economist at the Center for American Progress. Because 401(k) plans reduce taxable income, a worker in top tax bracket gets 35 cents for every dollar saved. A lower-paid worker with a marginal tax rate of 10 percent gets 10 cents.
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