Imagine the horror – the horror! – of finding out that Barack Obama isn’t saving his pennies for retirement. Why on earth not? Mankiw has a depressing possible explanation:
As Obama economic adviser Austan Goolsbee has written, “Future increases in tax rates potentially threaten to significantly reduce the value of your retirement savings and may even mean that you should not save in 401(k) accounts at all.”
But there’s still the after-tax Roth IRA, Barack! What kind of example are you setting?
In the words of Ben Stein: if you’re old enough to be having sex, you’re old enough to save for your retirement.