We define and estimate measures of economic preparation for retirement based on a complete inventory of economic resources while taking into account the risk of living to advanced old age and the risk of high out-of-pocket spending for health care services. We ask whether, in a sample of 66-69...

In this paper we present evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that we conducted in the American Life Panel - an Internet survey run by RAND Labor and...

After retirement, the primary sources of uncertainty with respect to an individual’s economic status are longevity, investment outcomes and out-of-pocket spending on health care. In previous work, we estimated economic preparation for retirement, taking into account the risk of living to an...

We study the effects of the 2007-2009 recession on the population age 55 and older. 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...

This paper presents evidence from high-frequency data collections dedicated to tracking the effects of the financial crisis and great recession on American households. These data come from surveys that were conducted in the American Life Panel Ð an Internet survey run by RAND Labor and...

Shocks to income and wealth decrease the household’s monetary budget available. As a consequence, households respond by decreasing consumption spending. Income shocks, such as unexpected unemployment and retirement, also increase the time-budget available in addition to decreasing the monetary...

Labor force participation (LFP) rates are changing—and, at least for some groups, changing dramatically. These trends have important societal implications. For the most part, they indicate longer stays in the labor force and later retirement. Such trends may allow for the accumulation of...