Social Security Research at the University of Michigan Retirement and Disability Research Center

In 1998, the Social Security Administration established the Retirement Research Consortium to encourage research on topics related to Social Security and the well-being of older Americans, and to foster communication between the academic and policy communities. The Michigan Retirement Research Center (MRRC) participated in the Consortium from its inception until 2019, when the MRRC expanded and became the Michigan Retirement and Disability Research Center. This article surveys a selection of the MRRC’s output over its second 10 years (2008–2017), summarizes its innovative use of new data sources, and highlights several key themes in the center’s research contributions

Personal Care Savings Bonds: A New Way of Saving Towards Social Care in Later Life

An ageing population ushers in a completely new era requiring society to find new solutions to funding social care and looking after older people. This is not a temporary issue that will go away and there are no quick economic fixes. In the U.K. it is estimated that the population aged 75+ will double from 5 million to 10 million by 2040. Financial building blocks are needed to pay for social care that will be sustained for decades and provide extra security for the individual. This paper proposes a new savings product called Personal Care Savings Bonds (PCSBs), which are designed to encourage saving for social care by providing extra money at the time of greatest financial need. PCSBs are likely to be attractive to older people who have only a basic pension and modest savings, but also to other age groups, as they not only attract interest but also pay prizes. Based on reasonable assumptions, the paper shows how the fund could build into a substantial investment worth £70 billion with regular monthly prize pay-outs. In concept they are somewhat similar to Premium Bonds, another U.K. personal savings product that has been successfully operating since 1956

Real-time, appliance-level electricity use feedback system: How to engage users?

Engage is a rapidly deployable, retrofit energy monitoring system developed for direct support of a novel energy use behavior investigation and a large-scale deployment in campus apartments. We describe the end-to-end system and report results related to web dashboard engagement during a year-long experiment. The objective was to determine user engagement with real-time and easily accessible information about personal energy consumption. Leveraging low-cost components, this system was designed to measure separately appliance plug load, heating and cooling, and lighting electrical load in dense-occupancy building environments. We developed and used an open source technology for measurement of plug load and developed signal processing algorithms to significantly improve measurement accuracy. We also developed proxy sensors to measure heating and cooling and lighting. Our results indicate that 90% of the dashboard activity was undertaken by 50% of the participants and that website engagement was more likely in mid-day and more effective in combination with email reminders. Energy conservation was achieved when combining the dashboard with public information about energy consumption. © 2013 Elsevier B.V. All rights reserved