Associate Professor, Faculty of Economics, Chulalongkorn University, Bangkok, Thailand.
Revenue Department, Bangkok, Thailand.
J Aging Soc Policy. 2024 Sep 2;36(5):1153-1170. doi: 10.1080/08959420.2023.2226311. Epub 2023 Jun 22.
Despite its importance, little is known about how individuals save for retirement through tax-advantaged vehicles over their working lives. Using Thailand's population of tax returns, this study examines the age profile of retirement saving and explores its implications for retirement savings adequacy. We find that the life-cycle pattern in retirement saving is hump-shaped across age. It rises from 3.0% when one begins working to 4.6% at age 46-48, then declines as one approaches retirement. The retirement saving rates peak later for higher-income workers. For all income groups, we also document the large role of the low-risk saving vehicle throughout the working life. Based on the predicted life-cycle saving profile, we estimate the income replacement rate from tax-advantaged saving vehicles to be around 24%, which is in line with evidence from advanced economies.
尽管其重要性不言而喻，但人们对于个人在工作生涯中通过税收优惠工具进行退休储蓄的方式知之甚少。本研究利用泰国的纳税申报人群体，考察了退休储蓄的年龄结构，并探讨了其对退休储蓄充足性的影响。我们发现，退休储蓄的生命周期模式呈年龄的驼峰状。从开始工作时的 3.0%上升到 46-48 岁时的 4.6%，然后随着接近退休年龄而下降。高收入工人的退休储蓄率达到峰值的时间较晚。对于所有收入群体，我们还记录了整个工作生涯中低风险储蓄工具的重要作用。根据预测的生命周期储蓄模式，我们估计从税收优惠储蓄工具获得的收入替代率约为 24%，这与发达经济体的证据相符。
