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 status		1.577	1.327		1.428	1.369
		(0.48)^***	(0.47)^***		(0.49)^***	(0.47)^***
Satisfaction health		0.017	0.014		0.073	−0.017
		(0.15)	(0.14)		(0.15)	(0.15)
Prolonged illness		0.397	0.658		0.423	0.422
		(0.57)	(0.55)		(0.58)	(0.54)
Gender			1.388			1.053
			(0.48)^***			(0.47)^**
Married			−0.689			−1.345
			(0.5)			(0.5)^***
Number of children			0.103			0.197
			(0.16)			(0.16)
Education			0.874			0.725
			(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 expectancy			0.153			0.142
			(0.03)^***			(0.04)^***
Private pension insurance (PPI)			−4.506			−4.14
			(1.07)^***			(1.01)^***
Constant	59.395	54.042	42.748	61.843	56.48	46.675
	(0.23)^***	(1.53)^***	(3.01)^***	(0.44)^***	(1.59)^***	(3.38)^***
R²	0.033	0.062	0.150	0.067	0.097	0.208
Observations	907	907	905	753	753	752

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.