Workers' Response to the Market Crash: Save More, Work More?
AbstractThe stock market crash of 2008 significantly dimmed the retirement prospects of workers approaching retirement. These workers are heavily dependent on 401(k) plans, as opposed to traditional defined benefit pensions, as a source of retirement income. During the economic downturn, these plans lost about one-third of their value. Even before the crash, many older workers lacked the assets needed to enjoy a comfortable retirement.
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Bibliographic InfoPaper provided by Center for Retirement Research in its series Issues in Brief with number ib2010-10-3.
Length: 9 pages
Date of creation: Feb 2010
Date of revision: Feb 2010
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- Alan L. Gustman & Thomas L. Steinmeier & Nahid Tabatabai, 2011.
"How Did the Recession of 2007-2009 Affect the Wealth and Retirement of the Near Retirement Age Population in the Health and Retirement Study?,"
wp253, University of Michigan, Michigan Retirement Research Center.
- Alan L. Gustman & Thomas L. Steinmeier & Nahid Tabatabai, 2011. "How Did the Recession of 2007-2009 Affect the Wealth and Retirement of the Near Retirement Age Population in the Health and Retirement Study?," NBER Working Papers 17547, National Bureau of Economic Research, Inc.
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