Consumers have been shifting savings from certificates of deposits to more liquid accounts.
The Great Recession had a significant effect on many people’s retirement planning, but Barry Bosworth, a senior fellow with the Brookings Institution, says it’s probably not the effect you might have thought it was. He has examined a variety of economic studies about the downturn and concluded that for most people older than 50, losing
Our retirement planning has implications I would never have considered before I talked to an economist yesterday. Six of the most affluent counties surrounding Detroit — and not including the county poor beat up Detroit is in — have lost about 350,000 jobs in the last 10 years. Economist Donald Grimes, senior researcher for the
The financial repercussions of the Great Recession will last into retirement for many people because their retirement incomes are inextricably linked to the amount of money they earn in their working years. Everything from old-fashioned defined benefit pensions to balances in 401(k) plans as well as Social Security is tied to pay. The Urban Institute,
The Great Recession combined with the onslaught of aging baby boomers is causing a lot of people to delay retirement, and ultimately, that is likely to have a huge impact on our economy, points out a study released this morning by the nonprofit economic research firm, The Conference Board. Researcher and lead author Gad Levanon
How much will the Great Recession affect your retirement? The answer is more than you might suspect. A joint study by the Urban Institute and the Center for Retirement Research at Boston College concluded that workers who were unemployed for many months accumulated fewer Social Security and employer-sponsored pension credits and were unlikely to have
The Great Recession led to an increase in auto insurance risk on America’s highways, according to two new reports. The latest estimates by the Insurance Research Council indicate that one in seven drivers nationally have no auto insurance at all. The number of uninsured had been in a four-year decline before rising to 14.3 percent in 2008,