Chapter

Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks

Michael Hurd and Susann Rohwedder

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/9780199660698.003.0004

Series: Pensions Research Council

Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks

Show Summary Details

Preview

This chapter studies the effects of the Great Recession on the population aged 55+. 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, including reducing spending, and with that, increasing saving, working longer, and/or bequeathing less. Using longitudinal data from the Health and Retirement Study and its supplemental surveys, the chapter finds that all of these adjustments have been important.

Keywords: recession; household expectations; housing; consumption; retirement; wealth; Health and Retirement Study

Chapter.  6418 words.  Illustrated.

Subjects: Pensions

Full text: subscription required

How to subscribe Recommend to my Librarian

Buy this work at Oxford University Press »

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.