Older Women's Labor Market Attachment, Retirement Planning, and Household Debt
Compared to previous generations, older women today carry more debt and are facing retirement in a more financially precarious position.
Total debt among women in their 50’s and 60’s has more than doubled in recent decades, and the percentage of older women with less than $25,000 in savings has also increased sharply. These are among the findings of this report on what motivates older women to remain in the labor force. Analyzing data from several large-scale studies, the authors conduct an extensive evaluation of how older women manage their household debt and plan for retirement.
Using data from two sources, the Health and Retirement Study and the National Financial Capability Study, the researchers conducted a multivariate analysis with two outcome variables: whether a woman is currently employed and the probability a woman will be working at age 65. They then considered the extent to which financial fragility and indebtedness affect these outcomes.