Retirement puzzles: New evidence from personal finances

• 成果类型: Article
• 署名作者: Olafsson, Arna; Pagel, Michaela
• 署名单位: Copenhagen Business School; Washington University (WUSTL); Danish Finance Institute; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Copenhagen Business School; Danish Finance Institute; Washington University (WUSTL)
• 刊物名称: JOURNAL OF PUBLIC ECONOMICS
• ISSN/ISSBN: 0047-2727
• DOI: 10.1016/j.jpubeco.2024.105103
• 发表日期: 2024
• 关键词: Retirement; savings; Consumer debt

摘要

Using comprehensive transaction-level panel data, we document that individuals repay their consumer debt and save more after they retire. These findings are puzzling because, in principle, people should save more before, rather than after, the expected decrease in income upon retirement. We discuss several potential explanations for our findings, including reductions in work-related expenses and increases in medical health risks around retirement, which are the leading explanations of the so-called retirement-consumption and retirement-savings puzzles. We thereby inform the larger question of whether individuals save enough for retirement.