Wharton Pension Research Council Working Papers

Document Type

Working Paper

Date of this Version



We 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.


The published version of this Working Paper may be found in the 2012 publication: Reshaping Retirement Security: Lessons from the Global Financial Crisis.


Recession, household expectations, housing, consumption, retirement, wealth, Health and Retirement Study

Working Paper Number


Copyright/Permission Statement

All findings, interpretations, and conclusions of this paper represent the views of the authors and not those of the Wharton School or the Pension Research Council. © 2011 Pension Research Council of the Wharton School of the University of Pennsylvania. All rights reserved.


The authors are grateful for funding from the U.S. Social Security Administration (SSA) via the Michigan Retirement Research Center (UM10-06). The opinions and conclusions expressed are solely those of the author(s) and do not represent the opinions or policy of SSA or any agency of the Federal Government. Research Center is gratefully acknowledged.

Included in

Economics Commons



Date Posted: 28 June 2019