A man in a long blue shirt and blue shorts leans against a green and white wall near a red car, with a larger blue vehicle sitting in the foreground.
The man has a long shirt.
Although higher-income households might be encouraged to save more by increasing the annual contribution limits to IRAs and employer-sponsored 401(k) plans-currently $2,000 and $10,500, respectively-increasing contribution limits alone is not likely to induce more saving from low-income households.