Retirement consumption: insights from a survey
Prior research has established that consumption falls significantly at retirement. What is not known is the extent to which this fall is anticipated during the working years. Do working households expect such a large fall in consumption upon retirement, or are they taken by surprise? Using data from...
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge, MA
National Bureau of Economic Research
2002
|
| Series: | NBER working paper series
8735 |
| Subjects: | |
| Online Access: | Volltext |
| Summary: | Prior research has established that consumption falls significantly at retirement. What is not known is the extent to which this fall is anticipated during the working years. Do working households expect such a large fall in consumption upon retirement, or are they taken by surprise? Using data from a new survey, we show that many working households do expect a considerable fall in consumption when they retire. In fact, those who are already retired report significantly smaller falls in consumption than are expected by those who are still working. We show that participation in the stock market plays a dominant role in explaining the gap between expectations and outcomes, indicating that much of the gap is a result of unexpected stock market appreciation. The survey produces new insights into the high level of uncertainty in the period leading up to retirement, and the surprises that may lie in store when households actually retire. |
| Physical Description: | 34 S. graph. Darst. |
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| spelling | Ameriks, John Verfasser aut Retirement consumption insights from a survey John Ameriks ; Andrew Caplin ; John Leahy Cambridge, MA National Bureau of Economic Research 2002 34 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier NBER working paper series 8735 Prior research has established that consumption falls significantly at retirement. What is not known is the extent to which this fall is anticipated during the working years. Do working households expect such a large fall in consumption upon retirement, or are they taken by surprise? Using data from a new survey, we show that many working households do expect a considerable fall in consumption when they retire. In fact, those who are already retired report significantly smaller falls in consumption than are expected by those who are still working. We show that participation in the stock market plays a dominant role in explaining the gap between expectations and outcomes, indicating that much of the gap is a result of unexpected stock market appreciation. The survey produces new insights into the high level of uncertainty in the period leading up to retirement, and the surprises that may lie in store when households actually retire. Consumption (Economics) United States Economic surveys United States Retirement income United States USA Caplin, Andrew Verfasser aut Leahy, John Verfasser aut Erscheint auch als Online-Ausgabe NBER working paper series 8735 (DE-604)BV002801238 8735 http://papers.nber.org/papers/w8735.pdf kostenfrei Volltext |
| spellingShingle | Ameriks, John Caplin, Andrew Leahy, John Retirement consumption insights from a survey NBER working paper series Consumption (Economics) United States Economic surveys United States Retirement income United States |
| title | Retirement consumption insights from a survey |
| title_auth | Retirement consumption insights from a survey |
| title_exact_search | Retirement consumption insights from a survey |
| title_full | Retirement consumption insights from a survey John Ameriks ; Andrew Caplin ; John Leahy |
| title_fullStr | Retirement consumption insights from a survey John Ameriks ; Andrew Caplin ; John Leahy |
| title_full_unstemmed | Retirement consumption insights from a survey John Ameriks ; Andrew Caplin ; John Leahy |
| title_short | Retirement consumption |
| title_sort | retirement consumption insights from a survey |
| title_sub | insights from a survey |
| topic | Consumption (Economics) United States Economic surveys United States Retirement income United States |
| topic_facet | Consumption (Economics) United States Economic surveys United States Retirement income United States USA |
| url | http://papers.nber.org/papers/w8735.pdf |
| volume_link | (DE-604)BV002801238 |
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