Hurd, MichaelRohwedder, Susann2023-05-232023-05-232011-09-012019-06-27https://repository.upenn.edu/handle/20.500.14332/43587We 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.All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2011 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.Recessionhousehold expectationshousingconsumptionretirementwealthHealth and Retirement StudyEconomicsWorking Paper