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This paper examines the impact of late-career investment returns and job loss on subsequent retiree well-being. Specifically, the authors explore whether there is a link between the income of retirees aged 70 to 79 and the stock market and labor market conditions that existed around the time of their retirement. They use data from the 2000 Census and the 2001 through 2007 American Community Surveys and consider both total personal income and income by type. They find that a long-term decline in the stock market in the years leading up to retirement leads to a modest reduction in investment income a decade or so later for those in the top third of the income distribution.
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