The retirement consumption conundrum: Evidence from a consumption survey
نویسندگان
چکیده
منابع مشابه
Retirement Consumption: Survey Evidence on Expectations and Outcomes
We present results from a new survey concerning retirement consumption. We find that the expected level of retirement consumption among working households is significantly lower than that reported by those already retired. We confirm that unexpected stock market appreciation plays a significant role in explaining the gap between expectation and outcome. Surprisingly high expenditure needs also ...
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This paper uses data from the British Household Panel Survey to shed further light on the fall in consumption at retirement (the “retirement-consumption puzzle”). Comparing food spending for men retiring involuntarily early (through ill health or redundancy) with spending for those who retire voluntarily, it finds a significant fall in spending only for those who retire involuntarily. This is c...
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Previous empirical literature has found a sharp decline in consumption during the first years of retirement, implying that individuals do not save enough for their retirement. This phenomenon is called the retirement consumption puzzle. We find no evidence of the retirement consumption puzzle using panel data from 1980 to 2000. Consumption is defined as nondurable expenditure, a more comprehens...
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According to the life-cycle theory of consumption and saving, foreseeable retirement events should not reduce consumption. This argument applies especially to housing consumption, whereas other consumption expenditures may fall when home production substitutes them (given higher leisure after retirement). Using micro panel data for German tenants we find that income drops at entering retirement...
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Evidence from several countries reveals a substantial drop in household consumption around retirement age that some researchers believe is difficult to reconcile with standard life-cycle models. Using detailed expenditure data from a Spanish panel survey, we find no evidence of a consumption-retirement puzzle in Spain for the period of 1985–2004. However, we find a drop in food expenditure at h...
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ژورنال
عنوان ژورنال: Economics Letters
سال: 2008
ISSN: 0165-1765
DOI: 10.1016/j.econlet.2007.09.030