Retirement typically refers to the point where an individual stops employment completely, transitioning from a period of earning and active work life to a phase often characterized by leisure, personal pursuits, and certain financial changes. Upon retirement, a significant alteration happens in the life of the consumer – their spending habits change as they adapt to a fixed income, which is often lower than their earning during work life. Therefore, understanding the effect of retirement on consumer spending is crucial both for retirees planning their finances and for policymakers designing systems to support this demographic. Kenneth Haskin Upon entering retirement, the shift in income sources becomes noticeable. Where salary or business income once formed the primary source, retirees often rely on savings, social security benefits, pensions, or income from investments. This transition can be a daunting task, as it requires retirees to adjust their lifestyle to fit within these new ...