Research suggests that many individuals claim Social Security retirement benefits at younger ages than may be optimal. The Financial Literacy Center is evaluating alternative ways to convey information about when to claim benefits and offering advice to enhance the Social Security Administration's online claiming website.
People have difficulty understanding how much money they must accumulate in their working years to create a sufficient stream of income once they retire. The Financial Literacy Center is exploring whether disclosing information about the monthly retirement income stream resulting from an individual's retirement account will change savings behavior.
Given the worldwide trend of aging populations, it is important to learn about the long- and short-term effects of non-contributory social security programs. With the State of Yucatan, CLASP designed such a program for towns with more than 20,000 inhabitants. The project team is now evaluating its impact on the welfare of residents ages 70 and older.
Results from the National Financial Capability Survey show the majority of Americans lack basic numeracy and knowledge of fundamental economic principles. The Financial Literacy Center is analyzing the raw survey data to construct an atlas of financial literacy among U.S. states and among some demographic groups.
Many households use commitment devices such as monthly mortgage payments, Social Security, and payroll 401(k) deductions to help them save. The Financial Literacy Center is trying to design a "new and improved" 401(k) that offers a better combination of liquidity and commitment than the current defined contribution pension.
Building on two video games it designed to build financial skills among low-income women, the Financial Literacy Center is now re-creating those games for Spanish-speaking players.
The Financial Literacy Center is developing and testing college curricula for financial literacy instruction, suitable for adult learners and pre-service K–8 teachers. The goal of this project is to educate as many young people and adults as possible in financial matters.
The RAND Behavioral Finance (BeFi) Forum is a collective of academic, financial, and government leaders who meet regularly in person and via web seminars to foster cutting-edge behavioral research for practical application. BeFi's mission is to help consumers make better financial decisions.
Lack of financial literacy has been shown to be a serious obstacle to financial stability. The Financial Literacy Center is using new and innovative methods such as visual tools and the power of stories and narratives to teach basic but fundamental economic concepts that are the foundation of financial decisionmaking.
Changing the Social Security Disability Insurance program rules could reduce caseload costs by encouraging a return to work, but it could also create unintended consequences by inducing more workers to apply for benefits.
When children with disabilities turn 18, most apply for SSI-disabled adult benefits without first looking for work. The Financial Literacy Center is developing a financial literacy tool for these young adults to teach the value of entering the labor market.
The application and appeals process for Social Security Dissability Insurance (SSDI) can take months if not years, during which time applicants are not allowed to work more than a limited amount. Understanding the true application costs of SSDI can help quantify the total wefare impact of the program.
The RAND Center for the Study of Aging has conducted objective, independent, interdisciplinary research on aging and the elderly for more than 20 years. It improves public policy through primary data collection as well as secondary data analysis.
The standard model of educational decisions predicts no (or minimal) effects of deferral on educational attainment, but this model may not tell the whole story. A study of those who were not accepted by lottery to a Mexican college shows that labor market effects must also be considered.
Does one's level of education influence one's patience? A study examining the time preferences of students accepted by lottery to a Mexican college, compared to those of individuals who were not accepted, indicates that more educated individuals do tend to be more patient.
Many displaced workers suffer near-permanent losses in earnings capacity, especially during economic downturns. Understanding the relationship between labor market shocks and the decision to claim disability or retirement benefits can help policymakers prepare for future recessions.
The RAND Center for Disability Research aims to better understand the social and economic causes and consequences of disability. Research themes include examining the roles of employers, health-care markets, knowledge networks, and social insurance programs.
To understand what policies and incentives influence the decisionmaking patterns of middle-aged and elderly Mexicans, RAND researchers used panel data from the Mexican Health and Aging Study to compare the retirement behavior of non-migrant Mexicans with those who had migration spells to the United States and later returned to Mexico.
Not enough is known about the economic effects of changing the legal status of undocumented immigrants in the United States. This project estimates the causal effects of legalization to inform future U.S. immigration reform proposals.
Through the Diversity Management Project, RAND Labor and Population will examine how best to achieve and harness workplace diversity, a growing priority for U.S. companies and government agencies who want their workforces to reflect the evolving racial, ethnic, socio-economic, and generational makeup of American society and meet the challenges of the global market place.
The California Preschool Study sought to understand achievement gaps among the state's children, whether existing preschool education programs is adequate, and what efficiencies could be achieved through public funding of early childhood education.
Chile, Colombia, and Mexico each have fully-funded, defined-contribution social security systems, yet there are significant differences in system design and incentive that may affect individuals' participation. The research team compared the differences of individual coverage in the three countries' systems.
RAND conducted an evaluation of California's implementation of welfare reform under the Personal Responsibility and Work Opportunities Reconciliation Act (PRWORA) of 1996. The project was conducted under contract from the California Department of Social Services.
The Center for the Study of Social Welfare Policy provided non-partisan research and analysis on social welfare policy, including welfare reform, with research focusing on the key issues to refine and change those programs.
The Population Research Center was dedicated to the scientific advancement of population studies in a period when demographic changes created especially complex theoretical and public policy issues.