Tax-benefited retirement accounts have features designed to encourage saving, including a penalty for withdrawing before age . Account holders also face a penalty for failing to take required minimum withdrawals after age 72. Using a bunching analysis, we estimate that these penalties cause over 17% of traditional IRA holders to change their withdrawal timing each year, shifting almost $60 billion of distributions annually. We estimate a dynamic life-cycle model to analyze the effect of changing these penalties. For both penalties, we find alternative combinations of age threshold and penalty rate that lead to increased average welfare and lifetime tax remittances.

中文翻译：

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提款罚金对退休储蓄的影响

税收优惠退休账户具有鼓励储蓄的特点，包括在年龄之前提款的处罚。账户持有人还因 72 岁后未能按照规定的最低提款额而面临处罚。通过聚类分析，我们估计这些处罚导致超过 17% 的传统 IRA 持有人每年改变提款时间，每年转移近 600 亿美元的分配。我们估计一个动态生命周期模型来分析改变这些惩罚的效果。对于这两种处罚，我们找到了年龄门槛和处罚率的替代组合，从而导致平均福利和终生纳税额增加。