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Changes in Retirement Expectations of U.S. Households During the Great Recession: Evidence from the 2007-2009 Survey of Consumer Finances Panel Dataset
Short Abstract
This study examines the effect of Great Recession on the retirement expectation of U.S. households with a full-time worker aged 35 to 60 by employing the 2007-2009 Survey of Consumer Finances (SCF) panel dataset. About 77% of households changed their retirement expectations during the survey period; 41% of households answered earlier expected retirement ages while 36% of households in 2009 gave an expected retirement age later than the age they had given in 2007. A logistic regression model is utilized to test the effect of our selected independent variables on the likelihood to delay expected retirement. Being a self-employed and ownership of a defined contribution plan are positively related to the likelihood of expecting delayed retirement.