Hurd, Michael D
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Publication Trends in Pension Values Around Retirement(2006-09-01) Hurd, Michael D; Rohwedder, SusannPrior studies have had difficulty assessing the value of expected pension resources, partly because many workers cannot recollect and report their pension entitlements, and partly because dual-earner couples may be individually, and sometimes jointly, entitled to claims on company pensions. This chapter develops and applies a new way to value pension wealth, so as to determine the importance of pension benefits in retiree wellbeing. We estimate the value of pensions for workers on the threshold of retirement in 1992, 1998, and 2004, drawing on Health and Retirement Study data. Results indicate a drop in the number of workers with defined benefit plans near retirement, though their average pension values rose. Turning to defined contribution plans, coverage and the average real value of the pensions rose, producing an overall increase in average pension wealth over the period examined. There is no support for the view that pensions are becoming less important for near-retirees, on average.Publication Effects of the Economic Crisis on the Older Population: How Expectations, Consumption, Bequests, and Retirement Responded to Market Shocks(2011-09-01) Hurd, Michael; Rohwedder, SusannWe study the effects of the 2007-2009 recession on the population age 55+. 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.