9  A number of studies have looked into household data (surveys) to test whether individual saving behaviour is consistent with the life-cycle theory, and it is generally found that the savings rate of retirees does not fall as much as the life-cycle theory predicts.
However, Miles (1999) clarifies that “the mistake here is to count all of pension receipts as income” as opposed to sales of their pension “rights”. Bosworth, Burtless and Sabelhaus (1991) compute the average savings rate for households over 64 years old in the United States, correcting for the pension adjustment suggested by Miles.