Using comprehensive transaction-level panel data, we document that individuals repay their consumer debt and save more after they retire. These findings are puzzling because, in principle, people should save more before, rather than after, the expected decrease in income upon retirement. We discuss several potential explanations for our findings, including reductions in work-related expenses and increases in medical health risks around retirement, which are the leading explanations of the so-called retirement-consumption and retirement-savings puzzles. We thereby inform the larger question of whether individuals save enough for retirement.

中文翻译：

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退休难题：来自个人财务的新证据

使用全面的交易级面板数据，我们记录了个人偿还消费债务并在退休后储蓄更多的情况。这些发现令人费解，因为原则上，人们应该在退休后收入预期减少之前而不是之后储蓄更多。我们讨论了对我们的发现的几种可能的解释，包括工作相关费用的减少和退休前后医疗健康风险的增加，这是对所谓的退休消费和退休储蓄难题的主要解释。因此，我们提出了一个更大的问题：个人是否为退休储蓄了足够的钱。