Workers' Response to the Market Crash: Save More, Work More?

Courtney Monk, Kelly Haverstick and Steven Sass ()

Issues in Brief from Center for Retirement Research

Abstract: The stock market crash of 2008 significantly dimmed the retirement prospects of workers approaching retirement. These workers are heavily dependent on 401(k) plans, as opposed to traditional defined benefit pensions, as a source of retirement income. During the economic downturn, these plans lost about one-third of their value. Even before the crash, many older workers lacked the assets needed to enjoy a comfortable retirement.

Pages: 9 pages
Date: 2010-02, Revised 2010-02
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