The Effects of the Economic Crisis on the Older Population

Hurd, Michael D.; Rohwedder, Susann

doi:10.2139/ssrn.1710142

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The Effects of the Economic Crisis on the Older Population

Michigan Retirement Research Center Research Paper No. 2010-231

25 Pages Posted: 17 Nov 2010

See all articles by Michael D. Hurd

Michael D. Hurd

RAND Corporation; State University of New York at Stony Brook - College of Arts and Science - Department of Economics; National Bureau of Economic Research (NBER)

Susann Rohwedder

RAND Corporation

Date Written: November 1, 2010

Abstract

We study the effects of the 2007-2009 recession on the population age 55 and older. Households in and near retirement have suffered sizeable losses in assets as a result of the economic crisis. There are a number of ways in which households might respond: reduce spending and with that increase saving, work longer, and/or bequeath less. Using longitudinal data from the Health and Retirement Study and its supplemental surveys, we find that all of these adjustments have been important.

Suggested Citation: Suggested Citation

Hurd, Michael D. and Rohwedder, Susann, The Effects of the Economic Crisis on the Older Population (November 1, 2010). Michigan Retirement Research Center Research Paper No. 2010-231, Available at SSRN: https://ssrn.com/abstract=1710142 or http://dx.doi.org/10.2139/ssrn.1710142