How were the welfare losses from the Great Recession distributed across different age groups? We address this question within a stochastic overlapping-generations general equilibrium model in which households are subject to aggregate shocks that affect both earnings and asset valuations. Young households suffer disproportionately large labor earnings losses in a model Great Recession, but benefit from buying assets at temporarily depressed prices. We conclude that the Great Recession implied modest average welfare losses for households in the 20-29 age group, but very large welfare losses of around 10% of lifetime consumption for households aged 60 and older.