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Retirement: how much you really need

Back when I was packing lunches, I inevitably found myself in line at the deli counter behind one or another older couple who took what seemed like forever before making their selection. That leisurely approach explains, in part, why you may be better off in retirement than you expect. In several studies on household consumption, Erik Hurst, of the University of Chicago, and Mark Aguiar, of Princeton University, report that spending on food drops significantly in retirement, not because retirees are eating less but because they have more time to shop and compare prices. As for other expenses, retirees spend less on costs connected to commuting and wardrobe maintenance, such as dry...

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