Do required minimum distribution 401(k) rules matter, and for whom? Insights from a lifecycle model
通过生命周期模型分析美国退休账户最低强制分配规则对不同家庭在工作和退休期间财务行为的影响，发现该规则对消费影响小，但影响有遗赠动机家庭的提款和纳税。
Tax-qualified vehicles have helped U.S. private-sector workers accumulate $33Tr in retirement plans. An often-overlooked important institutional feature shaping decumulations from these plans is the “Required Minimum Distribution” (RMD) regulation requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on heterogeneous households’ financial behavior during their work lives and in retirement. The model shows that reforms delaying or eliminating the RMD rules have little effect on consumption profiles, but they would influence withdrawals and tax payments for households with bequest motives.