Retirement and Household Expenditure in Turbulent Times

We examine how expenditure changes at retirement during an institutionally and economically uncertain period when a series of pension reforms and cuts were implemented. Overall, we fail to confirm that consumption declines at retirement using data from Greece (2008–2018). Any estimated declines come...

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Bibliographic Details
Published in:Journal of family and economic issues 2023-12, Vol.44 (4), p.968-989
Main Authors: Laliotis, Ioannis, Shaikh, Mujaheed, Stavropoulou, Charitini, Kourouklis, Dimitrios
Format: Article
Language:English
Subjects:
Age
Aging
Consumption
Early retirement
Economic crisis
Expenditures
Family
Household expenditure
Households
Income
International finance
Original Paper
Pensions
Personality and Social Psychology
Retirees
Retirement
Retirement income
Social Policy
Social Sciences
Sociology
Sovereign debt
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Summary:We examine how expenditure changes at retirement during an institutionally and economically uncertain period when a series of pension reforms and cuts were implemented. Overall, we fail to confirm that consumption declines at retirement using data from Greece (2008–2018). Any estimated declines come from turbulent years when major pension cuts were applied. Expenditure drops at retirement were due to pension income shocks, especially for those who were particularly dependent on pension income. Further checks support the presence of an income shock mechanism for retirees who are relatively more treated during the crisis sub-period. Given an aging population and the ongoing global turbulence, our results offer valuable insights.
ISSN:1058-0476
1573-3475
DOI:10.1007/s10834-022-09884-7