The Effects of the Economic Crisis on the Older Population

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

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

Michael D. Hurd (Contact Author)

RAND Corporation ( email )

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State University of New York at Stony Brook - College of Arts and Science - Department of Economics ( email )

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National Bureau of Economic Research (NBER)

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Susann Rohwedder

RAND Corporation ( email )

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1776 Main Street
Santa Monica, CA 90407-2138
United States

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