Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks
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household expectations
housing
consumption
retirement
wealth
Health and Retirement Study
Economics
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We study the effects of the 2007-2009 recession on the population age 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: 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.
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The published version of this Working Paper may be found in the 2012 publication: Reshaping Retirement Security: Lessons from the Global Financial Crisis (https://pensionresearchcouncil.wharton.upenn.edu/publications/books/reshaping-retirement-security-lessons-from-the-global-financial-crisis/)