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The Retirement Consumption Puzzle: Actual Spending Change in Panel Data
National Bureau of Economic Research [NBER] Link to more items from this source
Apr. 14, 2008
Excerpt: The simple one-good model of life-cycle consumption requires that consumption be continuous over retirement; yet prior research based on partial measures of consumption or on synthetic panels indicates that spending drops at retirement, a result that has been called the retirement-consumption puzzle. Using panel data on total spending, nondurable spending and food spending, we find that spending declines at small rates over retirement, at rates that could be explained by mechanisms such as the cessation of work-related expenses, unexpected retirement due to a health shock or by the substitution of time for spending.

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