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dc.contributor.authorHurd, Michael D.
dc.contributor.authorRohwedder, Susann
dc.date.accessioned2007-04-25T15:33:56Z
dc.date.available2007-04-25T15:33:56Z
dc.date.issued2004-01
dc.identifier.urihttps://hdl.handle.net/2027.42/50550
dc.description.abstractThe simple one-good model of life-cycle consumption requires "consumption smoothing." However, British and U.S. households apparently reduce consumption at retirement and the reduction cannot be explained by the life-cycle model. An interpretation is that retirees are surprised by the inadequacy of resources. This interpretation challenges the life-cycle model where consumers are forward looking. However, data on anticipated consumption changes at retirement and on realized consumption changes following retirement show that the reductions are fully anticipated. Apparently the decline is due to the cessation of workrelated expenses and the substitution of home production for market-purchased goods and services.en
dc.description.sponsorshipSocial Security Administrationen
dc.format.extent415381 bytes
dc.format.mimetypeapplication/pdf
dc.language.isoen_USen
dc.publisherMichigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104en
dc.relation.ispartofseriesWP 2004-069en
dc.titleThe Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirementen
dc.typeWorking Paperen
dc.subject.hlbsecondlevelPopulation and Demography
dc.subject.hlbtoplevelSocial Sciences
dc.contributor.affiliationotherRANDen
dc.contributor.affiliationumcampusAnn Arboren
dc.description.bitstreamurlhttp://deepblue.lib.umich.edu/bitstream/2027.42/50550/1/wp069.pdfen_US
dc.owningcollnameRetirement Research Center, Michigan (MRRC)


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