(UBS Pensions Series 033) Can the retirement-consumption puzzle be resolved? Evidence from the British Household Panel Survey
��This paper uses data from the British Household Panel Survey to shed further light on the fall in spending at retirement (the “retirement-consumption puzzle”).� Comparing food spending for men retiring involuntarily early (through ill health or redundancy) with spending for those 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.� Evidence on psychological and financial well-being also indicates that the retirement experience of involuntary retirees is very different to that of voluntary retirees.����
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