Rydqvist, Kristian; Schwartz, Steven T.; Spizman, Joshua D. - In: Journal of Banking & Finance 38 (2014) C, pp. 78-88
A worker can reduce tax liability by contributing to a private pension plan when marginal tax rates are high and withdraw pension benefits when marginal tax rates are low. We quantify the tax benefit of income smoothing through the private retirement system and find that it is negligible. This...