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When The Nest Egg Cracks: Financial Consequences Of Health Problems, Marital Status Changes, And Job Layoffs At Older Ages

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Author Info

  • Richard W. Johnson

    ()
    (Urban Institute)

  • Gordon B.T. Mermin

    ()
    (Urban Institute)

  • Cori E. Uccello

    (cuccello@ui.urban.org)

Abstract

The risk of falling into poor health, losing the ability to work or live independently, becoming widowed, and experiencing other negative events that threaten financial security increase with age. This report computes the incidence of these negative events at older ages and examines their impact on economic well-being. Over a 10-year period, more than three-quarters of adults age 51 to 61 at the beginning of the period experience job layoffs,widowhood, divorce, new health problems, or the onset of frailty among parents or in-laws. More than two-thirds of adults age 70 and older experience at least one negative shock over a nine-year period. Incidence rates are even higher at the household level for married people, who face the added risk that their spouses could develop health problems or lose their jobs. Financial consequences are especially serious for older adults who develop work disabilities or long-term care needs, or who become unemployed.

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File URL: http://crr.bc.edu/working-papers/when-the-nest-egg-cracks-financial-consequences-of-health-problems-marital-status-changes-and-job/
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Bibliographic Info

Paper provided by Center for Retirement Research in its series Working Papers, Center for Retirement Research at Boston College with number wp2005-18.

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Date of creation: 22 Jun 2006
Date of revision:
Handle: RePEc:crr:crrwps:wp2005-18

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Keywords: nest eggs; retirement risk; social security; umemployed;

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Cited by:
  1. Richard W. Johnson & Janette Kawachi, 2007. "Job Changes at Older Ages: Effects on Wages, Benefits, and Other Job Attributes," Working Papers, Center for Retirement Research at Boston College wp2007-04, Center for Retirement Research, revised Feb 2007.
  2. Jody Schimmel & David C. Stapleton, 2010. "Protecting the Household Incomes of Older Workers with Significant Health-Related Work Limitations in an Era of Fiscal Responsibility," Working Papers wp244, University of Michigan, Michigan Retirement Research Center.
  3. Karen Smith & Mauricio Soto & Rudolph G. Penner, 2009. "How Seniors Change Their Asset Holdings During Retirement," Working Papers, Center for Retirement Research at Boston College wp2009-31, Center for Retirement Research, revised Dec 2009.
  4. Athreya, Kartik B., 2008. "Default, insurance, and debt over the life-cycle," Journal of Monetary Economics, Elsevier, vol. 55(4), pages 752-774, May.
  5. Alicia H. Munnell & Steven Sass & Mauricio Soto & Natalia Zhivan, 2006. "Has the Displacement of Older Workers Increased?," Working Papers, Center for Retirement Research at Boston College wp2006-17, Center for Retirement Research, revised Sep 2006.

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