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3/7/2006: Some Answers to the Retirement-Consumption Puzzle (National Bureau of Economic Research [NBER])
Excerpt: Using panel data, [the authors] find that prior to retirement workers anticipated on average a decline of 13.3% in spending and after retirement they recollected a decline of 12.9%: widespread surprise is not the explanation for the retirement-consumption puzzle. Workers with substantial wealth both anticipated and recollected a decline. Therefore, for many workers the decline is not necessitated by the fall in income that accompanies retirement.
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