declining in the years that follow. Prior research has documented that consumption declines at retirement, which is inconsistent … retirement confirming the results of Aguiar and Hurst (2005, 2013) …

Previous empirical literature has found a sharp decline in consumption during the first years of retirement implying … that individuals do not save enough for their retirement. This phenomenon has been called the retirement consumption puzzle …. In contrast to some of the previous studies, the authors find no evidence of the retirement consumption puzzle during the …

is concave in the presence of income uncertainty. In this paper I show that concavity breaks down if we abandon time …-separability. Namely, if an agent maximizing an isoelastic recursive utility has preferences for early resolution of uncertainty, there … uncertainty …

the current and recent recessions. We show empirically that these saving spikes were short-lived and common to all working … times. We show that the rise in the aggregate savings ratio is driven by increases in uncertainty, rather than tightening of … credit; temporary shocks to the supply of credit generate increases in saving only among younger agents. …

This paper provides a two-part empirical analysis on how actuarial reduction rates for early retirement affect current … retirement planning. First, by evaluating a large dataset of administrative records it becomes evident that early retirement … retirement if in turn they were willing to accept an actuarial reduction on their pension. It becomes evident that the maximum …

by culture and social norms by examining their saving and bequest behavior. To summarize our main findings, we find that … Japan's household saving rate showed great volatility, was often low and even negative, and was high only during the 25-year … trends over time in, Japan's household saving rate via various socioeconomic and policy variables. This seems to suggest that …

Previous research has repeatedly found a puzzling one-time drop in consumption at retirement at the mean or median …. This study expands upon the previous work by examining these same retirement changes across the entire consumption …

The simple one-good model of life-cycle consumption requires that consumption be continuous over retirement; yet prior … research based on partial measures of consumption or on synthetic panels indicates that spending drops at retirement, a result … that has been called the retirement-consumption puzzle. Using panel data on total spending, nondurable spending and food …

In this work we revisit the retirement consumption puzzle using Italian panel data. As emphasized in the literature …, the observed consumption drop might be due to unexpected wealth shocks at retirement, which modify optimal consumption … plans. Using an Euler equation approach, we test the impact of unexpected retirement on the consumption patterns of …