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Title: Recessions and Retirement: How Stock and Labor Market Fluctuations Affect Older Workers

Citation Type: Miscellaneous

Publication Year: 2015

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Abstract: The sharp drop in equity values that occurred at the beginning of the recent financial and economic crisis led to widespread concern about the effect of the crisis on retirement security. Between July 2007 and March 2009, the S&P 500 Index monthly average value fell by 50 percent.2 With defined contribution (DC) pension plans largely having replaced defined benefit (DB) plans for US workers (Poterba, Venti and Wise 2007), millions of workers experienced deep declines in the value of their retirement savings as a result of the crisis. It was widely predicted that workers would need to delay retirement in order to make up for these losses, with many newspaper headlines such as “Economic Crisis Scrambles Retirement Math” and “Will You Retire? New Economic Realities Keep More . . .

Url: https://www.ifo.de/DocDL/dice-report-2015-2-coile-pension-june.pdf

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Authors: Coile, Courtney

Publisher: CESifo DICE Report

Data Collections: IPUMS CPS

Topics: Aging and Retirement, Labor Force and Occupational Structure, Other

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