This study investigates how subjective life expectancy affects consumption expenditure among the elderly in Korea. The literature has documented that consumption and saving choices vary with subjective life expectancy in a way that is consistent with the life-cycle hypothesis. This study examines this hypothesis using the Korean Longitudinal Study of Aging (KLoSA), which closely follows the sample design of the Health and Retirement Study in the U.S. The main result of this study is that consumption decreases with higher subjective life expectancy, consistent with the life-cycle hypothesis._x000D_
