Professor Regina Jefferson of Catholic Law has published a thought-provoking article, Bracing the Wobbly “Three-Legged Stool” By Increasing Homeownership Opportunities For Low-and-Middle-Income Workers, in the Boston University Public Interest Law Journal. In her article, Jefferson examines the traditional "three-legged stool" model of retirement security, which relies on personal savings, private retirement systems, and Social Security. While this framework has historically provided stability for higher-income workers, Jefferson highlights its growing inadequacy for low- and middle-income workers due to economic shifts, declining savings rates, and the increasing risks associated with defined contribution plans like 401(k)s. She argues that these challenges, compounded by Social Security's funding shortfalls, have left many workers vulnerable to financial insecurity in retirement.

To address this crisis, Jefferson proposes an innovative solution: integrating homeownership into retirement savings strategies. She emphasizes that owning a home can serve as a critical fourth pillar of retirement security, offering protection against rising housing costs and providing a source of equity for emergencies or additional income. However, Jefferson notes that homeownership rates have declined significantly, particularly among young, middle-income, and minority households, due to rising home prices and limited inventory. Her article calls on policymakers to align homeownership incentives with retirement savings policies, ensuring underserved populations have greater access to the financial and social benefits of homeownership. By doing so, Jefferson argues, the nation can diversify retirement income sources, promote equity in asset-building programs, and close the growing retirement savings gap.