Tag: retirement
Introduction Baby boomers have often been characterized as a generation in love with consumption and incapable of accumulating assets for a rainy day — or retirement. But you couldn’t tell from the data. The Survey of Consumer Finances (SCF), the Federal Reserve’s comprehensive survey of household wealth in the United States, shows that the boomers…
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…