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 …

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 … anticipated prior to retirement, and as a consequence reduce consumption. This interpretation challenges the life-cycle model …

Consumption expenditure declines sharply at the time of retirement for many households, but the majority maintain a … smooth consumption path. A simple life cycle model with uncertainty about the time of retirement can account for this pattern … consumption expenditure at retirement generated by the model is zero, while the mean is negative, matching the HRS data. However …