April 9, 2012 (PLANSPONSOR.com) – More than eight in 10 U.S. households believe the current tax incentives to encourage retirement saving should be preserved, according to research from the Investment Company Institute (ICI).
Specifically, the study found 85% of all U.S. households disagreed when asked whether the tax advantages of DC accounts should be eliminated. Eighty-three percent opposed any reduction in workers’ account contribution limits.
Among households owning defined contribution (DC) accounts or individual retirement accounts (IRAs), nearly nine in 10 disagreed with eliminating or reducing the tax incentives.
A vast majority of households agree that preserving the current retirement savings incentives should be a national priority. Eighty-eight percent of households owning DC accounts or IRAs agree with this policy priority, while 76% of households without DC accounts or IRAs agree.
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.