Table 2

Summary Statistics

Retirees (n = 187)Nonretirees (n = 2,111)
Panel A: Retirement Timing
Planned retirement age64.973.81
Actual retirement age61.544.64
Full retirement age65.140.2566.720.52
Retirement regret0.220.41
Panel B: Time Preferences
Inconsistency indicator0.350.480.400.49
Number inconsistent answers [0–3]0.570.920.660.95
Impatience [1–7]3.851.773.881.62
Panel C: Demographics
Gender [male = 1]0.880.330.850.36
Retirement benefits3,157.414,639.30
Satisfaction with benefits [1–7]5.001.83
Number of children1.641.190.781.19
Education [0–2]1.440.781.610.62
Panel D: Additional Controls
Risk aversion [1–7]4.021.513.891.46
Loss aversion [1–7]4.671.594.221.59
Financial literacy [0–6]3.980.934.151.13
Subjective life expectancy84.356.4583.537.78
Private pension insurance0.360.480.650.48
  • 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.