Chapter

Potential Impacts of the Great Recession on Future Retirement Incomes

Barbara A. Butrica, Richard W. Johnson and Karen E. Smith

in Reshaping Retirement Security

Published in print September 2012 | ISBN: 9780199660698
Published online January 2013 | e-ISBN: 9780191745058 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780199660698.003.0003

Series: Pensions Research Council

Potential Impacts of the Great Recession on Future Retirement Incomes

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This study examines the long-run effects of the Great Recession on future retire incomes for working-age adults using a microsimulation model. We estimate that the recession will reduce average age-70 annual incomes by 4 percent. Retirement incomes will fall most sharply for those workers who were youngest when the recession began. They are most likely to have lost their jobs and the impact of lower wages will accumulate over their entire careers. High-income retirees with the most to lose will also see substantial absolute income declines, but their losses are not particularly large when measured relative to their projected incomes.

Keywords: retirement income; unemployment; recession; social security; pension; wealth; labor earnings

Chapter.  9372 words.  Illustrated.

Subjects: Pensions

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