Saving for retirement is something we’re told to do from youth. Some say it’s one of the most important decisions a person could make — but there are differing opinions.

According to research by Nobel Prize winner Franco Modigliani, consumption is about consistency. It’s about avoiding sharp changes in standards of living. MarketWatch’s Robert Powell explains more here.

Essentially, it’s a common sense approach to economics. By working, saving, and spending consistently throughout their lives, people can remain stable in retirement. It rejects the image of the frugal worker who splurges in retirement, and instead suggests balance is the best option.

We have a great way to supplement this approach. By campaigning for fair yearly Cost-of-Living-Adjustments (COLAs), retirees can ensure their lifestyle remains consistent no matter the state of the economy.

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