Disabilities

How Has the Financial Crisis Affected the Finances of Older Households?

This brief considers the impact of recent declines in stock prices and nominal interest rates on older households, examining the effect of the crisis on the financial wealth of older households, the impact of the financial crisis on the investment and total incomes of retired households, and the impact of the financial crisis on lifetime consumption.

Who Claimed Social Security Early Due to the Great Recession?

Between 2007 and 2009, the percent of 62 year olds claiming Social Security benefits reversed a decade-long decline and increased sharply before reverting back to trend. This phenomenon raises two questions: 1) who was induced to claim early?; and 2) how much monthly retirement income have they lost as a result? To address these questions, this brief, which reflects findings from a recent paper, uses individual-level data from the Health and Retirement Study (HRS).

How Does the Composition of Disability Insurance Applicants Change Across Business Cycles?

Much as in previous recessions, the number of applications to public disability insurance programs increased sharply during the Great Recession. We find that the composition of applicants also changes across business cycles. For example, applicants during economic downturns, and especially during the Great Recession, are younger, better educated, higher income, and more likely to have recent work experience.

Great Recession-Induced Early Claimers: Who Are They? How Much Do They Lose?

During the Great Recession, more older workers have claimed Social Security benefits early. This paper addresses two important policy questions: Who are these early claimers? How much retirement income have they lost as a result of claiming early? Using the Health and Retirement Study (HRS) we estimate a discrete-time hazard model that makes claiming Social Security benefits a function of age, personal characteristics, and the national unemployment rate.

Unpublished

Unpublished

Unpublished

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