Did the Great Recession Influence Retirement Plans?

TitleDid the Great Recession Influence Retirement Plans?
Publication TypeJournal Article
Year of Publication2015
AuthorsSzinovacz, ME, Davey, A, Martin, L
JournalResearch on Aging
KeywordsEmployment and Labor Force, Health Conditions and Status, Pensions, Retirement Planning and Satisfaction

The recent recession constitutes one of the macro forces that may have influenced workers retirement plans. We evaluate a multilevel model that addresses the influence of macro-, meso-, and micro-level factors on retirement plans, changes in these plans, and expected retirement age. Using data from Waves 8 and 9 of the Health and Retirement Study (N = 2,618), we find that individuals with defined benefit plans are more prone to change toward plans to stop work before the stock market declined, whereas the opposite trend holds for those without pensions. Debts, ability to reduce work hours, and firm unionization also influenced retirement plans. Findings suggest retirement planning education may be particularly important for workers without defined pensions, especially in times of economic volatility.

Endnote Keywords

retirement/pensions/gradual retirement/older worker/employment

Endnote ID


Citation Key8253