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Workers' Response to the Market Crash: Save More, Work More?

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  • Courtney Monk
  • Kelly Haverstick
  • Steven A. Sass

Abstract

The stock market crash of 2008 significantly dimmed the retirement prospects of workers approaching retirement. These workers are heavily dependent on 401(k) plans, as opposed to traditional defined benefit pensions, as a source of retirement income. During the economic downturn, these plans lost about one-third of their value. Even before the crash, many older workers lacked the assets needed to enjoy a comfortable retirement.

Suggested Citation

  • Courtney Monk & Kelly Haverstick & Steven A. Sass, 2010. "Workers' Response to the Market Crash: Save More, Work More?," Issues in Brief ib2010-10-3, Center for Retirement Research, revised Feb 2010.
    • Handle: RePEc:crr:issbrf:ib2010-10-3
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    File URL: http://crr.bc.edu/briefs/workers-response-to-the-market-crash-save-more-work-more/
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    Cited by:

    1. Begley, Jaclene & Chan, Sewin, 2018. "The effect of housing wealth shocks on work and retirement decisions," Regional Science and Urban Economics, Elsevier, vol. 73(C), pages 180-195.
    2. Delavande, Adeline & Rohwedder, Susann, 2017. "Changes in spending and labor supply in response to a Social Security benefit cut: Evidence from stated choice data," The Journal of the Economics of Ageing, Elsevier, vol. 10(C), pages 34-50.
    3. Alan L. Gustman & Thomas L. Steinmeier & Nahid Tabatabai, 2011. "How Did the Recession of 2007-2009 Affect the Wealth and Retirement of the Near Retirement Age Population in the Health and Retirement Study?," NBER Working Papers 17547, National Bureau of Economic Research, Inc.

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