Summary Statistics
| Retirees (n = 187) | Nonretirees (n = 2,111) | |||
|---|---|---|---|---|
| Mean | SD | Mean | SD | |
| Panel A: Retirement Timing | ||||
| Planned retirement age | 64.97 | 3.81 | ||
| Actual retirement age | 61.54 | 4.64 | ||
| Full retirement age | 65.14 | 0.25 | 66.72 | 0.52 |
| Retirement regret | 0.22 | 0.41 | ||
| Panel B: Time Preferences | ||||
| Inconsistency indicator | 0.35 | 0.48 | 0.40 | 0.49 |
| Number inconsistent answers [0–3] | 0.57 | 0.92 | 0.66 | 0.95 |
| Impatience [1–7] | 3.85 | 1.77 | 3.88 | 1.62 |
| Panel C: Demographics | ||||
| Age | 66.66 | 5.70 | 40.10 | 12.10 |
| Gender [male = 1] | 0.88 | 0.33 | 0.85 | 0.36 |
| Income | 3,411.73 | 3,125.81 | ||
| Retirement benefits | 3,157.41 | 4,639.30 | ||
| Satisfaction with benefits [1–7] | 5.00 | 1.83 | ||
| Number of children | 1.64 | 1.19 | 0.78 | 1.19 |
| Education [0–2] | 1.44 | 0.78 | 1.61 | 0.62 |
| Married | 0.82 | 0.39 | 0.47 | 0.50 |
| Panel D: Additional Controls | ||||
| Risk aversion [1–7] | 4.02 | 1.51 | 3.89 | 1.46 |
| Loss aversion [1–7] | 4.67 | 1.59 | 4.22 | 1.59 |
| Financial literacy [0–6] | 3.98 | 0.93 | 4.15 | 1.13 |
| Subjective life expectancy | 84.35 | 6.45 | 83.53 | 7.78 |
| Private pension insurance | 0.36 | 0.48 | 0.65 | 0.48 |
Notes: The table shows summary statistics for the FAZ survey separately for the subsamples of retired and nonretired participants. Variables are as defined in the Appendix.