Consumption, income and retirement / by A.L. Robb and J.B. Burbridge. : CS11-0019/21E-PDF

"We use unpublished Canadian Family Expenditure Survey data on individuals for the years 1969 to 1982 to estimate consumption and income age-profiles for married-couple families, paying attention to the transition between work and retirement. The common presumptions of numerical-simulation life-cycle models - upward-slopling consumption-age profiles and dissaving in retirement - are not supported. There is some evidence that the consumption of certain (blue-collar) households declines discontinuously near retirement, which casts doubt upon the frequently-encountered assumption that the marginal utility of consumption is independent of the quantity of leisure consumed. In addition, the paper shows that the uncertain lifetime model can rationalize the empirical results and may therefore be a more suitable vehicle for policy simulations."--Abstract.

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