The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement

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dc.contributor.author Hurd, Michael D.
dc.contributor.author Rohwedder, Susann
dc.date.accessioned 2007-04-25T15:33:56Z
dc.date.available 2007-04-25T15:33:56Z
dc.date.issued 2004-01
dc.identifier.uri http://hdl.handle.net/2027.42/50550
dc.description.abstract The 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.sponsorship Social Security Administration en
dc.format.extent 415381 bytes
dc.format.mimetype application/pdf
dc.language.iso en_US en
dc.publisher Michigan Retirement Research Center, University of Michigan, P.O. Box 1248, Ann Arbor, MI 48104 en
dc.relation.ispartofseries WP 2004-069 en
dc.title The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending at Retirement en
dc.type Working Paper en
dc.subject.hlbsecondlevel Population and Demography
dc.subject.hlbtoplevel Social Sciences
dc.contributor.affiliationother RAND en
dc.contributor.affiliationumcampus Ann Arbor en
dc.description.bitstreamurl http://deepblue.lib.umich.edu/bitstream/2027.42/50550/1/wp069.pdf en_US
dc.owningcollname Retirement Research Center, Michigan (MRRC)
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