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.

在本文中，我们在一个具有无风险投资机会、递延税收退休账户和确定性劳动收入的程式化模型中探讨了生命周期消费储蓄问题。我们的封闭式解决方案表明，流动性限制可能具有严重的约束力；特别是在劳动收入增长率较高的情况下，最好推迟退休储蓄。对于递延税账户，最好先存入该（非流动性）账户，然后再存入（流动性）应税账户，以满足消费平滑的需要。最佳的退休储蓄模式远非普遍的做法，即在工作期间将当前劳动收入的固定比例贡献给递延税款环境。