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Can the retirement-consumption puzzle be resolved?: evidence from the British Household Panel Survey.

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This paper uses data from the British Household Panel Survey to shed further light on the fall in spending 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 consistent with the observed fall in spending being linked to a negative wealth shock for some retirees. Evidence on psychological and financial well-being also indicates that the retirement experience of involuntary retirees is very different to that of voluntary retirees.

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en

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application/pdf

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http://eprints.lse.ac.uk/24642/1/dp528_ubs_33.pdf

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