of workers born in 1950 or later. At the same time, a tax-facilitated savings plan was introduced that substantially … assess the effect of the reform on the savings and retirement expectations and realizations of two virtually identical male … savings to counter the effect of the reform. These workers, who are generally in worse health, have zero substitution rates …

that this led to an increase in total savings. …

of workers born in 1950 or later. At the same time, a tax-facilitated savings plan was introduced that implied a large … savings subsidy for all workers, irrespective of birth year. This paper uses linked administrative and survey data to assess … the effect of the reform on the savings and retirement expectations and realizations of two virtually identical male …