The U.S. Social Security Administration is funding 15 major research projects investigating retirement and disability topics surrounding racial wealth, children and families, and the economic security of older adults.
The University of Wisconsin-Madison’s Center for Financial Security (CFS), as part of the Retirement and Disability Research Consortium (RDRC), has been awarded a fifth year of funding for $3.11 million from the U.S. Social Security Administration (SSA).
One of just four such centers in the country supported by the SSA, the UW-Madison’s CFS focuses on the financial well-being of economically vulnerable families, households of color, older adults, people with disabilities, low-wealth households, and children.
U.S. Social Security Administration approves 13 major research projects, investigating a range of social insurance topics, including the Child Tax Credit, the geography of long-term care, the effects of COVID-19 on older adults, and improving trust among those targeted by scams and frauds.
The University of Wisconsin—Madison’s Center for Financial Security (CFS), as part of the Retirement and Disability Research Consortium (RDRC), has been awarded a fourth year of funding for $2.2 million from the U.S. Social Security Administration (SSA). One of just four RDRC centers in the country supported by SSA, the UW-Madison center has a particular focus on the financial well-being of economically vulnerable families, older people, people with disabilities, low-wealth households, and children.
“The pandemic has really highlighted the financial vulnerability of many families, and how important safety net programs are to keep people financially stable,” says CFS Faculty Director Dr. J. Michael Collins, Fetzer Family Chair in Consumer and Personal Finance in the School of Human Ecology and Professor at the La Follette School of Public Affairs. “We are grateful for the Social Security RDRC to be able to support this research, including work related to the ongoing impacts of COVID-19 for disability, retirement and social insurance programs.”
Mortality rates for working age adults without a college degree have increased in recent years, driven by rising ‘deaths of despair’ including drug overdose mortality. At the same time, demand for Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) programs among working age adults have increased in recent decades. Research suggests that fading economic opportunities—such as the decline of manufacturing employment—may explain an important portion of these worrisome trends.