What We do An alternative identification strategy: we estimate the change in consumption at retirement by exploiting the exogenous variability in the retirement decision induced by the eligibility rules of the Italian pension system Information on consumption expenditures, eligibility for retirement and retirement status is obtained from the bank of Italy survey on household Income and Wealth(SHIW). No need of panel data to achieve identificationWhat We Do • An alternative identification strategy: we estimate the change in consumption at retirement by exploiting the exogenous variability in the retirement decision induced by the eligibility rules of the Italian pension system. • Information on consumption expenditures, eligibility for retirement and retirement status is obtained from the Bank of Italy Survey on Household Income and Wealth (SHIW). No need of panel data to achieve identification