Center for Retirement Research at Boston College

Recognized by the New York Times as “…the nation’s leading center on retirement studies,” our research covers any issue affecting individuals’ income in retirement. Our main areas are: Social Security, state and local pensions, health and long-term care, financing retirement, and older workers.

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Two Simple 401(k) Lessons for New College Grads – Center for Retirement Research

Start early, invest boldly: two simple 401(k) habits that can help set new grads up for a lifetime of financial security.

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Can Equity Investments Help Social Security’s Finances? – Center for Retirement Research

The Cassidy-Kaine plan – which would borrow to create an investment fund and to cover Social Security shortfalls for 75 years – is unlikely to work.

Our analysis shows that the most common outcome would leave the taxpayers with a large debt, even under optimistic return assumptions.

Alternatively, equity investments could help Social Security’s finances if paired with a tax increase or benefit cut that restores solvency.

But the window of opportunity is closing; waiting until 2034 to introduce equities would be too late to offer a permanent fix.

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Can Technology Make Home Care Services More Affordable? – Center for Retirement Research

Neal K. Shah, the founder of CareYaya, a company that links students in the healthcare field with seniors needing assistance, has some strong opinions about elder care in the United States. The word Yaya means ‘grandmother’ in Greek and ‘caregiver’ in Swahili and Thai. As an acronym, it also means ‘You Are Your Advocate.’

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How Will AI Affect Financial Planning for Retirement? – Center for Retirement Research

Those who work with advisors may find those relationships becoming richer and more proactive. Those who prefer a DIY approach may find better tools than ever to help them navigate the road ahead. Either way, AI can help people arrive at retirement with more financial security and confidence.

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The Impact of Financial Advisors Since the Uptick in Policy Risk – Center for Retirement Research

The brief’s key findings are:

Our recent survey research found that older investors are more concerned about their financial future due to greater uncertainty over federal policy.

This new analysis explores whether financial advisors can help them cope.

Advisors are broadly more optimistic than investors on the economy and on how policy actions might impact financial security.

But on the specifics, advisors express concern over Social Security, Medicare, federal debt, and inflation, with many urging precautionary actions.

This ambivalence may help explain why advisors have no significant impact on their clients’ views on the future or investment strategy.

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Why You Might Want to Hire Home Health Aides Through an Agency – Despite the Cost – Center for Retirement Research

Agency care offers safeguards such as a selective screening process and rigorous safety standards.

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How Many Workers Could Alter Overtime Work Due to the OBBBA? – Center for Retirement Research

The brief’s key findings are:

The new “no tax on overtime” law – in effect through 2028 – could encourage workers to change their behavior.

The changes could involve: 1) seeking more overtime hours; or 2) collaborating with employers to reclassify some work as “overtime.”

Policymakers should keep an eye on the issue due to potential revenue loss since:

while the current share of hourly workers with overtime pay is modest, many are close to exceeding the 40-hour threshold; and

more workers still – both hourly and salaried – could benefit from accepting lower base pay and redefining some of their work as “overtime.”

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How Policy Risks Affect Retirement Planning for Older Americans – Center for Retirement Research

The brief’s key findings are:

Planning for retirement is complicated by uncertainty over Social Security, Medicare, taxes, federal debt, and inflation.

These policy risks have been rising since the start of 2025, as captured by a new survey of investors nearing, or in, retirement.

The survey finds people are more concerned about their future; and they cite the prospects of Social Security cuts and high inflation as most harmful.

In response to policy risks, some plan to delay retirement and shift to more conservative investments.

Since hedging risks comes at a cost, the greater uncertainty of today’s policy environment clearly hurts older Americans.

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How Much Have Social Security Claiming Ages Increased? – Center for Retirement Research

The brief’s key findings are:

Since the mid-1990s, the average retirement age has risen by three years.

The question is, to what extent has working longer translated into delayed claiming of Social Security benefits?

Two metrics are relevant here: 1) the share of all initial claimants who are age 62; and 2) the share of all workers turning age 62 who claim at 62.

Both show a steep drop in the share of people claiming at 62 over the past two decades, a trend that continued even through COVID.

As a result, the average claiming age has risen during this period by about two years, somewhat less than the average retirement age.

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Has Remote Work Extended Workers’ Careers? – Center for Retirement Research

The brief’s key findings are:

Previous research suggests that remote work boosts employment for older workers with disabilities, but how will it affect those without disabilities?

The greater flexibility of remote work could lead people to work longer.  Or, if employers think it reduces productivity, it could instead lead to earlier exits.

This study finds that those working remotely appear somewhat less likely to retire, even controlling for job characteristics like sector, industry, and earnings.

An open question is whether this beneficial effect is due to remote work itself or the fact that those wanting longer careers go to jobs with remote options.

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Make a Gift – Center for Retirement Research

Help us find solutions that work in practice, not just in theory.

Independent insights to boost lifelong financial security are more important than ever.

Like all grant-funded organizations, the Center currently faces a budget shortfall. 

Your gift today supports timely research that is free and accessible to all.  Every donation, no matter the size, makes a big difference.  Thank you for your generosity!

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Will the Average Retirement Age Keep Rising? – Center for Retirement Research

The brief’s key findings are:

After a century of decline, work activity among older men stabilized in the 1980s and began to rise in the early 1990s.

This turnaround reflected changes in Social Security, retirement plans, the nature of work, education levels, and health coverage.

In response, the average retirement age for men rose by about three years to 64.

In recent years, it has remained relatively stable as the changes that drove the increase have played themselves out.  

Thus, further significant increases in the average retirement age are unlikely.

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How Much Would Older Workers Respond to an EITC Expansion? – Center for Retirement Research

The brief’s key findings are:

The Earned Income Tax Credit (EITC) encourages low-income people with kids to work – those without kids get a much smaller credit.

Previous EITC research has focused on younger households, but some analysts suggest an expanded childless credit could boost work among near retirees.

This study finds that raising the EITC by $1,000 would produce a modest rise in employment among single women ages 55-64.

However, this impact is much smaller than that for younger single women, perhaps because older women have higher earnings or more health limitations.

Thus, an expanded EITC would primarily benefit younger workers, though with a positive side effect for at least some older workers too.

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150-year-olds aren’t getting Social Security — here’s a better task for DOGE

The claims of widespread fraud don’t hold water

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Have State Auto-IRAs and Fintech Shifted Who Contributes to IRAs? – Center for Retirement Research

The brief’s key findings are:

IRAs were created to help those without an employer plan to save, but most IRA assets are simply rollovers from 401(k)s, not new contributions.

Recently, though, the share of households contributing to an IRA has ticked up – a little bit for low-income workers and a lot for those under 40.

The rise in low-income contributors could well be due to state auto-IRA initiatives, which have broadened access to workplace-based plans.

The surge in younger contributors is most likely due to new fintech platforms that promote IRAs to tech-savvy Millennials.

But these younger contributors tend to have a 401(k) too, so IRAs remain mainly a way for those with a plan to gain more tax-advantaged saving.

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President Trump Should Combine Extending Tax Cuts with Fixing Social Security – Center for Retirement Research

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How Do Retirees Cope with Uninsured Healthcare Costs? – Center for Retirement Research

The brief’s key findings are:

Long-term care (LTC) costs are generally not well insured, posing a significant risk for older households as they age.

Using new survey data, the analysis compares what respondents say they would do if LTC costs exceeded their resources to what people like them actually do.

The key results are:

many plan to rely on Medicaid, but, in reality, only a small fraction will meet its strict eligibility criteria;

in contrast, people do not expect to tap home equity, but typically end up doing so; and    

among those who do need LTC services, few find it necessary to move in with their kids, but they do expect to leave them less money.