MARC Bibliographic Record

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001 9981448053602122
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006 m d
007 cr mn|||||||||
008 091026t20092009maua sb 000 0 eng d
035    $a(OCoLC)ocn459742027
035    $a(WU)8144805-uwmadisondb
035    $a(EXLNZ-01UWI_NETWORK)9910080850102121
040    $aOUN$beng$cOUN$dGZM
043    $an-us---
049    $aGZMA
090    $aH11$b.N2434x no.15435
100 1_ $aGustman, Alan L.
245 10 $aWhat the stock market decline means for the financial security and retirement choices of the near-retirement population /$cAlan L. Gustman, Thomas L. Steinmeier, Nahid Tabatabai.
264 _1 $aCambridge, Mass. :$bNational Bureau of Economic Research,$c[2009]
264 _4 $c©2009
300    $a34 pages :$billustrations, digital.
336    $atext$btxt$2rdacontent
337    $acomputer$bc$2rdamedia
338    $aonline resource$bcr$2rdacarrier
490 1_ $aNBER working paper series ;$vno. 15435
500    $a"October 2009"
504    $aIncludes bibliographical references (pages 25-26).
520    $aThis paper investigates the effect of the current recession on the near-retirement age population. Data from the Health and Retirement Study suggest that those approaching retirement age (early boomers ages 53 to 58 in 2006) have only 15.2 percent of their wealth in stocks, held directly or in defined contribution plans or IRAs. Their vulnerability to a stock market decline is limited by the high value of their Social Security wealth, which represents over a quarter of the total household wealth of the early boomers. In addition, their defined contribution plans remain immature, so their defined benefit plans represent sixty five percent of their pension wealth. Simulations with a structural retirement model suggest the stock market decline will lead the early boomers to postpone their retirement by only 1.5 months on average. Health and Retirement Study data also show that those approaching retirement are not likely to be greatly or immediately affected by the decline in housing prices. We end with a discussion of important difficulties facing those who would use labor market policies to increase the employment of older workers.
533    $aElectronic reproduction.$bCambridge, Mass. :$cNational Bureau of Economic Research.$nMode of access: World Wide Web; may require Adobe Acrobat Reader.
650 _0 $aBaby boom generation$xRetirement$zUnited States$xPlanning$xEconomic aspects.
650 _0 $aRecessions$xSocial aspects$zUnited States.
650 _0 $aStocks$xPrices$xSocial aspects$zUnited States.
650 _0 $aOlder people$xEmployment$xGovernment policy$zUnited States.
700 1_ $aSteinmeier, Thomas L.
700 1_ $aTabatabai, Nahid,$d1951-
710 2_ $aNational Bureau of Economic Research.
830 _0 $aWorking paper series (National Bureau of Economic Research) ;$vno. 15435.
856 40 $uhttp://www.nber.org/papers/w15435
949    $a20091102$bjeo$cc$dnt$ee$fcall:n$grepl:y$hgls
994    $aC0$bGZM
997    $aMARCIVE

MMS IDs

Document ID: 9910080850102121
Network Electronic IDs: 9910080850102121
Network Physical IDs:
mms_mad_ids: 9981448053602122
mms_ml_ids: 9919717713402124