Table 9

Actual Retirement Age SAVE Survey

Actual Retirement Age
(1)(2)(3)(4)(5)(6)
Smoker [0/1]−3.605−3.548−2.661
(0.79)***(0.79)***(0.78)***
Overdraft [1–4]−1.679−1.589−1.394
(0.27)***(0.27)***(0.25)***
Health status1.5771.3271.4281.369
(0.48)***(0.47)***(0.49)***(0.47)***
Satisfaction health0.0170.0140.073−0.017
(0.15)(0.14)(0.15)(0.15)
Prolonged illness0.3970.6580.4230.422
(0.57)(0.55)(0.58)(0.54)
Gender1.3881.053
(0.48)***(0.47)**
Married−0.689−1.345
(0.5)(0.5)***
Number of children0.1030.197
(0.16)(0.16)
Education0.8740.725
(0.24)***(0.26)***
Income [log]−0.269−0.216
(0.06)***(0.06)***
Financial literacy−0.104−0.112
(0.2)(0.2)
Life expectancy0.1530.142
(0.03)***(0.04)***
Private pension insurance (PPI)−4.506−4.14
(1.07)***(1.01)***
Constant59.39554.04242.74861.84356.4846.675
(0.23)***(1.53)***(3.01)***(0.44)***(1.59)***(3.38)***
R20.0330.0620.1500.0670.0970.208
Observations907907905753753752
  • Notes: The table shows the results of six cross-sectional OLS regressions for the 2010 wave of the SAVE survey. The dependent variable is actual retirement age using the subsample of retired participants. Regressions include either smoking or overdraft usage as a proxy for time inconsistency. Variables are as defined in the Appendix. All five imputations of the SAVE data are used. Coefficients and standard errors are calculated according to Rubin (1987). Significance: *p < 0.1, **p < 0.05, ***p < 0.01.