Partners
Brookings Institution’s Retirement Security Project
Overview
ICMM has partnered with the Brookings Institution’s Retirement Security Project to evaluate how tax and benefit optimization strategies can help low- to moderate-income (LMI) older adults make better retirement decisions. This project explores practical tools and policy interventions to improve retirement timing, benefit claiming, and long-term financial outcomes.
This 6-month project began in August of 2025 and included two separate research objectives. Project 1 focused on quantifying the trade-offs of subsidizing out-of-pocket medical spending through use of a tax code for which many are eligible but few utilize. Project 2 investigated the ways in which limiting tax incentives for retirement savings differentially impact Americans at various income levels.
Project Status – Complete
Project 1 was completed in November of 2025, and the subsequent report was published on November 19, 2025, entitled A little-known way the tax code subsidizes spending on health care.
As of January 21, 2026, the Retirement Security Project (RSP) team at Brookings published their final report for Project 2, Short-term revenue effects of overall limits on exceptionally large retirement accounts.
ICMM’s Role
ICMM funds the research and evaluation phases, ensuring a focus on equity, practical solutions, and policy relevance for LMI populations.
Goals / Objectives
- Assess how existing retirement claiming tools can be adapted for LMI populations.
- Evaluate behavioral, financial, and policy barriers that affect retirement decisions.
- Provide actionable solutions that maximize retirement security for vulnerable populations.
- Share findings with policymakers and practitioners to inform retirement policy.
Methods
The project combines policy analysis, behavioral research, and applied tool testing. Brookings researchers evaluate current calculators and interventions, identify gaps for LMI households, and explore scalable methods for improving decision-making at retirement.
Expected Impact
- Improved guidance for older adults navigating Social Security and retirement decisions.
- Evidence for policy adjustments that reduce inequities in retirement security.
- Greater understanding of how behavioral barriers impact claiming strategies among LMI groups.
