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α: calibrated so average coauthorship-adjusted count equals average raw count
Prior research has established that consumption falls significantly at retirement. What is not known is the extent to which this fall is anticipated during the working years. Using data from a new survey, we show that many working households do expect a considerable fall in consumption when they retire. In fact, those who are already retired report significantly smaller falls in consumption than are expected by those who are still working. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.