The retirement-consumption puzzle and involuntary early retirement: Evidence from the British Household Panel Survey
AbstractThis paper uses data from the British Household Panel Survey (BHPS) to shed further light on the fall in consumption at retirement (the “retirement-consumption puzzle”). Comparing food spending of men retiring involuntarily early (through ill health or redundancy) with spending of men 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.
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Bibliographic InfoPaper provided by Department of Economics, University of Bristol, UK in its series The Centre for Market and Public Organisation with number 06/138.
Length: 22 pages
Date of creation: Jan 2006
Date of revision:
Retirement; life-cycle model of consumption and saving.;
Other versions of this item:
- Sarah Smith, 2006. "The Retirement-Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey," Economic Journal, Royal Economic Society, vol. 116(510), pages C130-C148, 03.
- D91 - Microeconomics - - Intertemporal Choice and Growth - - - Intertemporal Consumer Choice; Life Cycle Models and Saving
- J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies
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