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The Retirement-Consumption Puzzle and Involuntary Early Retirement: Evidence from the British Household Panel Survey

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  • Sarah Smith

Abstract

This article 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. Copyright 2006 Royal Economic Society.

Suggested Citation

  • 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 130-148, March.
  • Handle: RePEc:ecj:econjl:v:116:y:2006:i:510:p:c130-c148
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    JEL classification:

    • D91 - Microeconomics - - Micro-Based Behavioral Economics - - - Role and Effects of Psychological, Emotional, Social, and Cognitive Factors on Decision Making
    • J26 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Retirement; Retirement Policies

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