The Changing Face of Debt and Financial Fragility at Older Ages

Annamaria Lusardi (), Olivia Mitchell and Noemi Oggero

AEA Papers and Proceedings, 2018, vol. 108, 407-11

Abstract: We investigate changes in older individuals' financial fragility as they stand on the verge of retirement. Using data from the Health and Retirement Study (HRS), we compare how debt has changed for successive cohorts of people age 56–61. Our analysis shows that recent older Americans close to retirement hold more debt, and hence face greater financial insecurity, than earlier generations. This is primarily due to having bought more expensive homes with smaller down payments. We discuss possible policy implications.

JEL-codes: D14 J14 J26 (search for similar items in EconPapers)
Date: 2018
Note: DOI: 10.1257/pandp.20181117
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Citations: View citations in EconPapers (32)

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