Remaking Retirement: Debt in an Aging Economy
Remaking Retirement: Debt in an Aging Economy
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Abstract
Around the world, people nearing and entering retirement are holding ever-greater levels of debt than in the past. This is not a benign situation, as many pre-retirees and retirees are stressed about their indebtedness. Moreover, this growth in debt among the older population may render retirees vulnerable to financial shocks, medical care bills, and changes in interest rates. Contributors to this volume explore key aspects of the rise in debt across older cohorts, drill down into the types of debt and reasons for debt incurred by the older population, and review policies to remedy some of the financial problems facing older persons, in the United States and elsewhere. The authors explore which groups are most affected by debt, and they also identify the factors causing this important increase in leverage at older ages. It is clear that the economic and market environments are influential when it comes to saving and debt. Access to easy borrowing, low interest rates, and the rising cost of education have had important impacts on how much people borrow, and how much debt they carry at older ages. In this environment, the capacity to manage debt is ever more important as older workers lack the opportunity to recover for mistakes.
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Front Matter
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1
Introduction: Debt in an Aging Economy
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Part I Debt Developments in an Aging Economy
Olivia S. Mitchell andAnnamaria Lusardi -
Part II Retirement, Debt, and Financial Fragility at Older Ages
Olivia S. Mitchell andAnnamaria Lusardi-
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Financial Distress among the Elderly: Bankruptcy Reform and the Financial Crisis
Wenli Li andMichelle J. White
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6
Mortgage Foreclosures and Older Americans: A Decade after the Great Recession
Lori A. Trawinski
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7
Paying It Back: Real-world Debt Service Trends and Implications for Retirement Planning
Anne Lester and others
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Is Rising Household Debt Affecting Retirement Decisions?
Barbara A. Butrica andNadia S. Karamcheva
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5
Financial Distress among the Elderly: Bankruptcy Reform and the Financial Crisis
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Part III Policy Perspectives on Debt at Older Ages
Olivia S. Mitchell andAnnamaria Lusardi-
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How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy among Low-earning Households
Andrew G. Biggs
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10
Financial Well-being of State and Local Government Retirees in North Carolina
Robert L. Clark andSiyan Liu
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11
Household Debt and Aging in Japan
Charles Yuji Horioka andYoko Niimi
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12
Understanding the Macro-financial Effects of Household Debt: A Global Perspective
Adrian Alter and others
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9
How Much Should the Poor Save for Retirement? Data and Simulations on Retirement Income Adequacy among Low-earning Households
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End Matter
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