Archive: Melvin Stephens Jr.
![Senior man calculating finances](https://crr.bc.edu/wp-content/uploads/2022/11/financing_retirement_1-1536x1024.jpg.webp)
Abstract Previous research finds a systematic fall in consumption at retirement, even when these retirements are expected, which implies households do not behave as predicted by the lifecycle/ permanent income hypothesis. However, the worker’s expected date of retirement is typically predicted using an instrument – age – that we show to be correlated with unexpected…