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The retirement-consumption puzzle and involuntary early retirement: Evidence from the British Household Panel Survey

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Author Info
Sarah Smith ()

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Abstract

This 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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File URL: http://www.bris.ac.uk/Depts/CMPO/workingpapers/wp138.pdf
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Publisher Info
Paper provided by Department of Economics, University of Bristol, UK in its series The Centre for Market and Public Organisation with number 06/138.

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Length: 22 pages
Date of creation: Jan 2006
Date of revision:
Handle: RePEc:bri:cmpowp:06/138

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Related research
Keywords: Retirement; life-cycle model of consumption and saving.;

Other versions of this item:

Find related papers by JEL classification:
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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Cited by:
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  1. David M. Blau, 2007. "Retirement and Consumption in a Life Cycle Model," IZA Discussion Papers 2986, Institute for the Study of Labor (IZA). [Downloadable!]
    Other versions:
  2. Lutz Bellmann & Florian Janik, 2007. "Firms and Early Retirement: Offers That One Does Not Refuse," IZA Discussion Papers 2931, Institute for the Study of Labor (IZA). [Downloadable!]
  3. Erik Hurst, 2008. "The Retirement of a Consumption Puzzle," NBER Working Papers 13789, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Sule Alan & Kadir Atalay & Thomas F. Crossley, 2008. "The Adequacy of Retirement Savings: Subjective Survey Reports by Retired Canadians," Canadian Public Policy, University of Toronto Press, vol. 34(s1), pages 95-118, November. [Downloadable!] (restricted)
    Other versions:
  5. David Dorn & Alfonso Sousa-Poza, 2007. "‘Voluntary’ and ‘Involuntary’ Early Retirement: An International Analysis," IZA Discussion Papers 2714, Institute for the Study of Labor (IZA). [Downloadable!]
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