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The Effects of the Economic Crisis on the Older Population

  • Michael D. Hurd

    (RAND, NETSPAR, NBER and MEA)

  • Susann Rohwedder

    (RAND and NETSPAR)

We study the effects of the 2007-2009 recession on the population age 55 and older. 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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File URL: http://www.mrrc.isr.umich.edu/publications/Papers/pdf/wp231.pdf
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Paper provided by University of Michigan, Michigan Retirement Research Center in its series Working Papers with number wp231.

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Length: 25 pages
Date of creation: Nov 2010
Date of revision:
Handle: RePEc:mrr:papers:wp231
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  1. Michael D. Hurd & Susann Rohwedder, 2006. "Economic Well-Being at Older Ages: Income- and Consumption-Based Poverty Measures in the HRS," NBER Working Papers 12680, National Bureau of Economic Research, Inc.
  2. Michael D. Hurd & Susann Rohwedder, 2013. "Wealth Dynamics and Active Saving at Older Ages," NBER Chapters, in: Improving the Measurement of Consumer Expenditures National Bureau of Economic Research, Inc.
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