Chapter

Retirement Behavior and the Global Financial Crisis

Jason J. Fichtner, John W. R. Phillips and Barbara A. 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/9780199660698.003.0005

Series: Pensions Research Council

Retirement Behavior and the Global Financial Crisis

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Recent economic conditions have vastly changed the retirement landscape. Declines in assets as well as high unemployment changed the retirement plans of many Americans. Shocks to employment and wealth have likely influenced retirement behavior. This chapter provides a survey of the current literature on the influence of employment and wealth shocks on retirement and then makes use of administrative records on benefit applications to provide a preliminary analysis of changes in early retirement (age 62) claiming resulting from the recent economic downturn and implications. Since early claiming can have long-lasting implications for retirement well-being, we address how Americans learn about their retirement options.

Keywords: retirement; wealth; shocks; economic downturn; social security; unemployment

Chapter.  5753 words.  Illustrated.

Subjects: Pensions

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