Retirement and the Great Recession

TitleRetirement and the Great Recession
Publication TypeJournal Article
Year of Publication2015
AuthorsGustman, AL, Steinmeier, TL, Tabatabai, N
JournalJournal of Retirement
Volume3
Issue1
Pagination87-106
KeywordsEmployment and Labor Force, Public Policy, Retirement Planning and Satisfaction
Abstract

This article uses data from the Health and Retirement Study to examine retirement and related labor market outcomes for the Early Boomer cohort, those in their mid-fifties at the onset of the Great Recession. Outcomes are then compared with older cohorts at the same age. The Great Recession increased their probability of being laid off and the length of time needed to find other full-time employment. Differences in layoffs between those affected by the recession and members of older cohorts in turn accounted for almost the entire difference between cohorts in employment change with age. However, The Great Recession does not appear to have depressed wages in subsequent jobs for those who experienced a layoff. In 2010, 17 of the Early Boomers were Not Working and Not Retired or Partially Retired, and 6 were unemployed, leaving at least 11 percent who were not unemployed but not retired or only partially retired. At the recession s peak, half of those who experienced a layoff ended up in the Not Retired or Partially Retired, Not Working category. But only a quarter of those who declared themselves to be Not Retired or Partially Retired, and were Not Working, had experienced a layoff. Most of the jump in Not Retired or Partially Retired, Not Working appears to reflect a change in expectations about the potential or need for future work, a change that is not the result of an actual job loss.

DOI10.3905/jor.2015.3.1.087
Endnote Keywords

Great Recession/labor market outcomes/retirement/Layoffs

Endnote ID

999999

Citation Key8218