Retiring in debt? An update on the 2007 near-retiree cohort.
This research note uses 2007 Survey of Consumer Finances (SCF) data to update the authors' work reported in a prior article, which used earlier data to assess debt levels among households approaching retirement in 1995 and 2004. The authors assess whether there have been changes in the debt holdings of near-retirees in 2007, a point in time reflecting the start of the recent financial and economic crisis. Results show that debt levels of near-retirees were modestly higher in 2007 than in 2004, overall and across several subgroups. The results reinforce a general finding of the original article that current near-retirees, primarily baby boomers, are approaching retirement with more debt compared with their counterparts in the mid-1990s. Because the 2007 SCF data captures only the beginning of the current recession, the authors expect future trends to differ from the results presented here.
Division of Policy Evaluation, Office of Research, Evaluation, and Statistics (ORES), Office of Retirement and Disability Policy (ORDP), Social Security Administration (SSA), USA.
Chris E
CE
Anguelov
Christopher R
CR
Tamborini
D057172:Economic Recession; D005260:Female; D006801:Humans; D007182:Income / Q000639:trends*; D008297:Male; D008875:Middle Aged; D012179:Retirement / Q000191:economics*; D014481:United States