Tax deferral is a key consideration for about 75% of baby boomers in selecting a retirement-savings vehicle, and reductions of that incentive would make about 25% of boomers less likely to save, according to a survey by the Insured Retirement Institute. Higher income taxes would prompt more than half of middle-income baby boomers to cut back on their retirement savings, while 40% said they would do so if the Social Security payroll tax rises, the survey found.

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