scholarly journals Mortgage Foreclosures and Older Americans: A Decade after the Great Recession

2019 ◽  
Author(s):  
Lori Trawinski
Keyword(s):  
Great Recession ◽  
Older Americans ◽  
The Great Recession ◽  
Mortgage Foreclosures

scholarly journals As Goes the City? Older Americans’ Home Upkeep in the Aftermath of the Great Recession

2019 ◽  
Vol 67 (2) ◽  
pp. 379-397
Author(s):  
Markus H Schafer ◽  
Jason Settels ◽  
Laura Upenieks
Keyword(s):  
Older Adults ◽  
Great Recession ◽  
Fixed Effects ◽  
Physical Space ◽  
Community Dwelling ◽  
Older Americans ◽  
Individual Level ◽  
The Great Recession ◽  
Fixed Effects Regression ◽  
Community Dwelling Older Adults

Abstract The private home is a crucial site in the aging process, yet the upkeep of this physical space often poses a challenge for community-dwelling older adults. Previous efforts to explain variation in disorderly household conditions have relied on individual-level characteristics, but ecological perspectives propose that home environments are inescapably nested within the dynamic socioeconomic circumstances of surrounding spatial contexts, such as the metro area. We address this ecological embeddedness in the context of the Great Recession, an event in which some U.S. cities saw pronounced and persistent declines across multiple economic indicators while other areas rebounded more rapidly. Panel data (2005–6 and 2010–11) from a national survey of older adults were linked to interviewer home evaluations and city-level economic data. Results from fixed-effects regression support the hypothesis that older adults dwelling in struggling cities experienced an uptick in disorderly household conditions. Findings emphasize the importance of city-specificity when probing effects of a downturn. Observing changes in home upkeep also underscores the myriad ways in which a city’s most vulnerable residents— older adults, in particular—are affected by its economic fortunes.

The Effects of the Great Recession on the Retirement Security of Older Workers

2013 ◽  
Vol 650 (1) ◽  
pp. 124-142 ◽  
Author(s):  
Alicia H. Munnell ◽  
Matthew S. Rutledge
Keyword(s):  
Social Security ◽  
Interest Rates ◽  
Great Recession ◽  
Older Workers ◽  
Job Loss ◽  
Older Americans ◽  
The Great Recession ◽  
Retirement System ◽  
Retirement Security ◽  
Low Interest Rates

The Great Recession had a profound effect on the retirement security of older Americans, and the slow recovery from the downturn will have a lasting impact on their quality of life. The nature of today’s retirement system left older households exposed to the collapse in the equity and housing markets and induced many to plan for a later retirement. More late-career workers experienced job loss than in previous recessions, often with long jobless spells, encouraging a record number of early Social Security retirement claims and disability applications. Going forward, workers who lost a job can expect lower earnings and more instability and, potentially, poorer health. Even households that avoided job loss will have less money available for spending in retirement due to low interest rates and reduced home values. These findings emphasize the importance of Social Security as income insurance and the need for a more robust retirement income system.

scholarly journals Crash and Wait? The Impact of the Great Recession on the Retirement Plans of Older Americans

2011 ◽  
Vol 101 (3) ◽  
pp. 40-44 ◽  
Author(s):  
Brooke Helppie McFall
Keyword(s):  
Labor Market ◽  
Great Recession ◽  
Retirement Age ◽  
Retirement Plans ◽  
Market Returns ◽  
Older Americans ◽  
Stock Market Returns ◽  
The Great Recession ◽  
Retirement Timing ◽  
The Impact

This study uses data from pre- and post-crash surveys from the Cognitive Economics study to examine the impact of recent stock and labor market wealth losses on the planned retirement ages of older Americans. Regression estimates imply that the average wealth loss between July 2008 and May/June 2009 is associated with an increase in planned retirement age of approximately 2.5 months. Furthermore, pessimism about future stock market returns is found to amplify the impact of wealth losses on retirement timing.

Older Americans’ health and the Great Recession

2013 ◽  
Vol 13 (2) ◽  
pp. 413-436 ◽  
Author(s):  
Thomas J. Hyclak ◽  
Chad D. Meyerhoefer ◽  
Larry W. Taylor
Keyword(s):  
Great Recession ◽  
Older Americans ◽  
The Great Recession

scholarly journals Long-Lasting Effects of the Pandemic on Older Adults’ Food Insecurity: The Urgent Need for Enhanced SNAP Benefits

2021 ◽  
Vol 5 (Supplement_1) ◽  
pp. 952-952
Author(s):  
Lauren Popham ◽  
Jane Tavares ◽  
Marc Cohen
Keyword(s):  
Older Adults ◽  
Food Insecurity ◽  
Great Recession ◽  
Economic Recession ◽  
Assistance Program ◽  
Older Americans ◽  
The Great Recession ◽  
Nutrition Assistance ◽  
The Relationship

Abstract Despite the start of COVID-19 pandemic recovery in the U.S., food insecurity remains at elevated levels with 10% of American adults reporting food insecurity nearly three times higher than pre-pandemic (Census Bureau’s Household Pulse Survey, June 2021). To gain insight into the long-term impacts of the pandemic on older adults, we examined food insecurity patterns during the last economic recession and the role that the Supplemental Nutrition Assistance Program (SNAP) played in mitigating food insecurity and skipped meals. We analyzed data on adults age 60+ from the Health and Retirement Study, looking at the Great Recession (2008) as a predictor of what to expect in the next decade of pandemic recovery. A key finding was that food insecurity more than doubled among older adults during the Great Recession and remained elevated even 10 years later. Regression analyses showed that SNAP use among older adults weakened the relationship between poverty and food insecurity, but didn’t eliminate it—17% of older adults still reported food insecurity two years after enrolling in SNAP. The data indicates that a growing share of older SNAP users’ benefits have not kept up with rising food costs. In fact, 85% of beneficiaries had monthly benefit amounts below the USDA ‘Thrifty Plan” budget. Congress recently passed the American Rescue Plan which increases SNAP benefits temporarily, yet these enhancements are about to run out. This study underscores the need for permanent SNAP enhancements to help prevent long-lasting hunger facing millions of older Americans.

scholarly journals Changes in City-Level Foreclosure Rates and Home Prices through the Great Recession and Depressive Symptoms among Older Americans

2020 ◽  
pp. 215686931989556 ◽  
Author(s):  
Jason Settels
Keyword(s):  
Depressive Symptoms ◽  
Great Recession ◽  
Social Life ◽  
Older Americans ◽  
The Great Recession ◽  
Home Prices ◽  
Household Assets ◽  
Home Foreclosure ◽  
Household Incomes ◽  
Financial Losses

The changing economic fortunes of cities influence mental health. However, the mechanisms through which this occurs are underexplored. I address this gap by investigating the Great Recession of 2007-2009. Using the National Social Life, Health, and Aging Project survey ( N = 1,341), I study whether rises in cities’ home foreclosure rates and declines in median home prices through the Great Recession increase older persons’ depressive symptoms. I also study possible mediation through household assets declines. I find that increases in cities’ home foreclosure rates and declines in median home prices increase depressive symptoms beyond the effects of personal financial losses. Results show no evidence of mediation through asset loses, suggesting effects through other channels. Supplementary analyses reveal less direct links between changes in city-level unemployment rates and median household incomes and changes in depressive symptoms.

scholarly journals Changes in Neighborhood-Level Concentrated Disadvantage and Social Networks Among Older Americans

2020 ◽  
pp. 073346482096905
Author(s):  
Jason Settels
Keyword(s):  
Social Networks ◽  
Great Recession ◽  
Social Life ◽  
Older Persons ◽  
Well Being ◽  
Social Contexts ◽  
Concentrated Disadvantage ◽  
Older Americans ◽  
The Great Recession ◽  
Neighborhood Level

Close social networks provide older persons with resources, including social support, that maintain their well-being. While scholarship shows how networks change over time, a dearth of research investigates changing social contexts as causes of network dynamics. Using the first two waves of the National Social Life, Health, and Aging Project survey ( N = 1,776), this study shows how rising neighborhood-level concentrated disadvantage through the Great Recession of 2007–2009 was associated with smaller close networks, largely due to fewer new close ties gained, among older Americans. Worsening neighborhood circumstances pose obstacles to older residents’ acquisition of new close ties, including heightened fear, lower generalized trust, stress and depression, and declines in local institutions that attract both residents and nonresidents.

Women and men's employment and unemployment in the great recession

2010 ◽  
Author(s):  
Heidi Hartmann ◽  
Ashley English ◽  
Jeffrey Hayes
Keyword(s):  
Great Recession ◽  
The Great Recession

The great recession and job stress among employed workers

2013 ◽  
Author(s):  
Mark Tausig ◽  
Rudy Fenwick
Keyword(s):  
Job Stress ◽  
Great Recession ◽  
The Great Recession
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