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Crash and Wait? The Impact of the Great Recession on the Retirement Plans of Older Americans

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  • Brooke Helppie McFall
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    Abstract

    This study uses data from pre- and post-crash surveys from the Cognitive Economics study to examine the impact of recent stock and labor market wealth losses on the planned retirement ages of older Americans. Regression estimates imply that the average wealth loss between July 2008 and May/June 2009 is associated with an increase in planned retirement age of approximately 2.5 months. Furthermore, pessimism about future stock market returns is found to amplify the impact of wealth losses on retirement timing.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/aer.101.3.40
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    Bibliographic Info

    Article provided by American Economic Association in its journal American Economic Review.

    Volume (Year): 101 (2011)
    Issue (Month): 3 (May)
    Pages: 40-44

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    Handle: RePEc:aea:aecrev:v:101:y:2011:i:3:p:40-44

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    1. Courtney C. Coile & Phillip B. Levine, 2006. "Bulls, bears, and retirement behavior," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 59(3), pages 408-429, April.
    2. Purvi Sevak, 2002. "Wealth Shocks and Retirement Timing: Evidence from the Nineties," Working Papers wp027, University of Michigan, Michigan Retirement Research Center.
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    Cited by:
    1. Melissa McInerney & Jennifer M. Mellor & Lauren Hersch Nicholas, 2013. "Recession Depression: Mental Health Effects of the 2008 Stock Market Crash," CESifo Working Paper Series 4263, CESifo Group Munich.
    2. Crawford, Rowena, 2013. "The effect of the financial crisis on the retirement plans of older workers in England," Economics Letters, Elsevier, vol. 121(2), pages 156-159.

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