5 Highlights from 2024 and 5 Coming Attractions for 2025

1.  A Win for an Innovative Long-Term Care Program

With long-term care (LTC) needs on the rise, Washington State enacted WA Cares in 2019, a social insurance program to help cover LTC costs through a modest payroll tax.  In 2024, Washington voters chose to preserve this promising program by rejecting a ballot initiative that would essentially have killed it.  Now, other states may be more likely to introduce similar programs.

2.  Would Simple Index Investing Be Better for Public Plans?

Since 2000, public plans have turned more to alternative investments and active management.  But, over the last two decades, returns under this approach are virtually identical to a simple 60/40 index portfolio – and, since the financial crisis, a 60/40 index has done much better.  If the current approach doesn't yield higher returns, a more simple and transparent strategy may be superior.

3.  How Much Could Will-Writing Shrink the Racial Wealth Gap?

Eliminating the will-writing gap between Black and White households would lead to larger bequests by Blacks, thereby boosting the recipients' wealth and making them more likely to leave their own bequest.  This virtuous cycle across generations would have narrowed the wealth gap by 10 percent – a modest but meaningful reduction.

4.  How Does Inflation Impact Older Households?

CRR published an in-depth look at inflation risk in partnership with Jackson National Life Insurance Company.  One key finding was that, while a bout of high inflation generally reduces retirement security, the specific impact varies by household, depending on the extent to which their income and assets keep pace with inflation and how much fixed-rate debt they have.

5.  Does Remote Work Help Older People with Disabilities?

The employment rate for older workers with disabilities has risen above its pre-COVID level, with nearly all of the gain coming in teleworkable jobs.  The growing availability of such jobs encouraged some people with disabilities to reenter the labor force and others to switch to remote jobs rather than retire.  These effects may not persist if remote work options decline going forward.

1.  Improving Home Care Services for Seniors

CRR has launched a new initiative to assess how Medicaid policies for home-and-community-based services (HCBS) impact caregivers and recipients.  Our initial project explores how the generosity of state HCBS policies affects the care provided by informal caregivers.  The initiative will also produce a public-use data portal for researchers. 

2.  Mitigating Retirement Risks: Health, Wealth, and More

The CRR’s ongoing work on retirement risks continues throughout the year in partnership with Jackson National, with the recent release of research on medical and long-term care risks, followed later this year by market risk.  We’ll also launch explorations of policy and family risk that will extend into 2026. 

3.  Could Volunteers Help Lighten Social Security’s Load?

CRR and UMass Boston will examine an innovative idea for reducing the burden on Social Security staff of serving an aging population.  The study will explore whether an existing federal program that trains volunteers to help people apply for Medicare and Medicaid could offer a model for Social Security applicants too.

4.  How to Define Retirement Well-Being?

Studies often suggest that many households are not on track for a secure retirement.  Yet, when asked about their financial satisfaction, most retirees indicate they are very satisfied and happy with their lives.  To explore this disconnect, CRR is doing a deep dive into survey research on measures of retirement well-being.

5.  How Much Does Social Security Alleviate Poverty?

CRR and UMass Boston will examine the extent to which Social Security income helps meet individuals’ minimum needs under different measures of poverty.  The analysis will also look at the characteristics of those considered poor under each measure.

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