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Title: Recessions, Retirement, and Social Security

Citation Type: Journal Article

Publication Year: 2011

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Abstract: The economic crisis that began in 2008 had multiple implications for retirement behavior. The stock market crash may have caused some individuals to defer retirement because of losses they experienced in their 401(k)-type retirement plans. The spike in unemployment may have led others to retire sooner in response to a job loss or the inability to find work. Coile and Levine (2007, 2009, and 2010) provide evidence of both types of behavior. By the end of 2010, however, the stock market had nearly rebounded to pre-crash levels. Although the market still may be below what individuals had expected and there may have been some short-term impacts, the markets sharp rise has substantially diminished the importance of this part of the story. The weakness in the labor market, however, continues to be extensive and persistent. The purpose of this analysis is to focus on its implications for retirement and retiree well-being in the coming years.

Url: http://pubs.aeaweb.org/doi/10.1257/aer.101.3.23

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Authors: Coile, Courtney C.; Levine, Phillip B.

Periodical (Full): American Economic Review

Issue: 3

Volume: 101

Pages: 23-28

Data Collections: IPUMS USA

Topics: Aging and Retirement, Labor Force and Occupational Structure

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