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The Journal of Retirement

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Retirement and the Great Recession

Alan L. Gustman, Thomas L. Steinmeier and Nahid Tabatabai
The Journal of Retirement Summer 2015, 3 (1) 87-106; DOI: https://doi.org/10.3905/jor.2015.3.1.087
Alan L. Gustman
is the Loren M. Berry Professor of Economics at Dartmouth College in Hanover, NH.
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  • For correspondence: alan.l.gustman@dartmouth.edu
Thomas L. Steinmeier
is professor of economics at Texas Tech University in Lubbock, TX.
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  • For correspondence: thomas.steinmeier@ttu.edu
Nahid Tabatabai
is research associate in the Department of Economics at Dartmouth College in Hanover, NH.
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  • For correspondence: nahid.tabatabai@dartmouth.edu
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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.

TOPICS: Retirement, financial crises and financial market history

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The Journal of Retirement: 3 (1)
The Journal of Retirement
Vol. 3, Issue 1
Summer 2015
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Retirement and the Great Recession
Alan L. Gustman, Thomas L. Steinmeier, Nahid Tabatabai
The Journal of Retirement Jun 2015, 3 (1) 87-106; DOI: 10.3905/jor.2015.3.1.087

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Retirement and the Great Recession
Alan L. Gustman, Thomas L. Steinmeier, Nahid Tabatabai
The Journal of Retirement Jun 2015, 3 (1) 87-106; DOI: 10.3905/jor.2015.3.1.087
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  • Article
    • Abstract
    • RETIREMENT FLOWS EXPERIENCED BY EARLY BOOMERS OVER THE COURSE OF THE GREAT RECESSION
    • RETIREMENT OUTCOMES
    • COHORT DIFFERENCES IN RETIREMENT AND OTHER LABOR MARKET OUTCOMES
    • LAYOFFS AND UNEMPLOYMENT INDUCED BY THE GREAT RECESSION RELATIVE TO OLDER COHORTS
    • RELATIONSHIP OF LAYOFFS TO NOT RETIRED/PARTIALLY RETIRED AND NOT WORKING
    • MULTIVARIATE ANALYSIS OF LAYOFFS AND UNEMPLOYMENT
    • LAYOFFS
    • CONCLUSIONS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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  • PDF (Subscribers Only)

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