Michael Hurd and Susann Rohwedder find that spending rates at retirement vary substantially, with increases in the upper half of the wealth distribution, but declines in the low-wealth population. Where spending declines at higher rates, the main explanation seems to be early retirement due to poor health, possibly augmented by a short planning horizon by a minority of the population.


Michael D. Hurd

Susann Rohwedder

Vicki Freedman

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