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Full-Text Articles in Social and Behavioral Sciences
Effects Of The Financial Crisis And Great Recession On American Households, Michael Hurd, Susann Rohwedder
Effects Of The Financial Crisis And Great Recession On American Households, Michael Hurd, Susann Rohwedder
Susann Rohwedder
In this paper we present evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that we conducted in the American Life Panel – an Internet survey run by RAND Labor and Population. The first survey was fielded at the beginning of November 2008, immediately following the large declines in the stock market of September and October 2008. The next survey followed three months later in February 2009. Since May 2009 we have collected monthly data on the same households. This paper shows the levels …
The Effects Of The Economic Crisis On The Older Population, Michael Hurd, Susann Rohwedder
The Effects Of The Economic Crisis On The Older Population, Michael Hurd, Susann Rohwedder
Susann Rohwedder
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.
The Effect Of The Risk Of Out-Of-Pocket Spending For Health Care On Economic Preparation For Retirement, Michael Hurd, Susann Rohwedder
The Effect Of The Risk Of Out-Of-Pocket Spending For Health Care On Economic Preparation For Retirement, Michael Hurd, Susann Rohwedder
Susann Rohwedder
After retirement, the primary sources of uncertainty with respect to an individual’s economic status are longevity, investment outcomes and out-of-pocket spending on health care. In previous work, we estimated economic preparation for retirement, taking into account the risk of living to an advanced old age and the concomitant risk of running out of resources. But while we accounted for the average level out-of-pocket spending for health care, we did not account for the risk of out-of-pocket spending. In this paper we augment our model for this omission. We find that the risk of out-of-pocket health care spending reduces economic preparation …