Tag: 2008 stock market crash
The more the Great Recession recedes in the rearview mirror, the clearer is the damage sustained by the workers born in the final years of the baby boom. These so-called late boomers were between 42- and 47-years-old when the recession hit. Their careers were just hitting their stride when they were slammed by the downturn…
Abstract This paper simulates the impact of the 2008 stock market crash on future retirement savings under alternative scenarios. If stocks remain depressed as after the 1974 crash, 20 percent of pre-boomers born 1941-45 and 22 percent of late boomers born 1961-65 would see their retirement incomes drop 10 percent or more. Working another year…