Optimal retirement savings over the life cycle: A deterministic analysis in closed form
研究了在无风险投资、税收递延退休账户和确定性劳动收入下，生命周期消费储蓄问题，发现流动性约束严重时最优退休储蓄会推迟，且应优先使用税收递延账户。
In this paper, we explore the life cycle consumption-savings problem in a stylized model with a risk-free investment opportunity, a tax-deferred retirement account, and deterministic labor income. Our closed form solutions show that liquidity constraints can be severely binding; in particular in situations with a high growth rate of labor income, in which retirement saving is optimally postponed. With a tax-deferred account, it is always optimal to save in this (illiquid) account first before saving in the (liquid) taxable account in order to satisfy the needs for consumption smoothing. The optimal retirement savings pattern is far from the widespread practice of contributing a fixed fraction of current labor income over the working life to a tax-deferred environment.