Table 3

Effect of Time Preferences on Actual Retirement Age

	Actual Retirement Age
	(1)	(2)	(3)	(4)	(5)
Inconsistency indicator	−1.758
	(0.80)^**
Number inconsistent answers		−1.142	−1.028	−1.026	−0.978
		(0.46)^**	(0.43)^**	(0.41)^**	(0.41)^**
Impatience			−0.330	−0.443	−0.538
			(0.20)^*	(0.19)^**	(0.21)^**
Age				0.321	0.301
				(0.07)^***	(0.07)^***
Gender				1.507	2.305
				(1.29)	(1.35)^*
Married				−0.348	−0.781
				(0.90)	(1.02)
Number of children				−0.247	−0.311
				(0.28)	(0.30)
Education				0.851	0.681
				(0.48)^*	(0.51)
Retirement benefits [log]				−0.556	−0.458
				(0.30)^*	(0.27)^*
Satisfaction retirement benefits				−0.070	−0.039
				(0.17)	(0.18)
Risk aversion					−0.349
					(0.25)
Loss aversion					−0.026
					(0.23)
Financial literacy					−0.980
					(0.41)^**
Life expectancy					−0.022
					(0.05)
Private pension insurance					0.113
					(0.60)
Constant	62.158	62.195	63.401	45.331	53.353
	(0.34)^***	(0.34)^***	(0.76)^***	(4.66)^***	(7.72)^***
R²	0.028	0.046	0.056	0.250	0.278
Observations	185	185	185	169	160

Notes: The table shows the results of five OLS regressions with actual retirement age in years as the dependent variable. Independent variables are as defined in the Appendix. Robust standard errors are displayed in parentheses. Significance: ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.