Hurd, Michael D.; Rohwedder, Susann - National Bureau of Economic Research (NBER) - 2006
based on partial spending and on synthetic panels, British and U.S. households apparently reduce consumption at retirement …. The reduction cannot be explained by the simple one-good life-cycle model, so it has been referred to as the retirement …-consumption puzzle. An interpretation is that at retirement individuals discover they have fewer economic resources than they had …