Table 6

Effect of Time Preferences on Planned Retirement Age—Sample Split

	Planned Retirement Age
	Age ≤ Median		Age > Median		Age > 50	Age > 55
	(1)	(2)	(3)	(4)	(5)	(6)
Number inconsistent answers	0.201	0.125	−0.458	−0.446	−0.774	−0.988
	(0.12)^*	(0.12)	(0.14)^***	(0.14)^***	(0.18)^***	(0.29)^***
Impatience	−0.286	−0.246	−0.124	−0.127	−0.114	−0.243
	(0.07)^***	(0.07)^***	(0.08)	(0.08)	(0.10)	(0.15)
Age		0.021		−0.011	−0.049	−0.175
		(0.04)		(0.02)	(0.06)	(0.20)
Gender		0.054		−0.288	−0.808	−1.022
		(0.31)		(0.36)	(0.54)	(0.73)
Married		0.244		−0.739	−0.747	−0.494
		(0.41)		(0.28)^***	(0.39)^*	(0.55)
Number of children		−0.325		0.239	0.085	0.259
		(0.46)		(0.08)^***	(0.16)	(0.21)
Education		0.827		0.225	0.700	0.548
		(0.25)^***		(0.16)	(0.21)^***	(0.29)^*
Income [log]		−0.848		−0.181	−0.159	0.223
		(0.20)^***		(0.17)	(0.22)	(0.22)
Risk aversion		0.096		0.086	−0.179	−0.258
		(0.11)		(0.10)	(0.15)	(0.19)
Loss aversion		−0.225		−0.039	0.008	0.198
		(0.11)^**		(0.09)	(0.13)	(0.17)
Financial literacy		−0.151		−0.113	−0.049	0.274
		(0.11)		(0.14)	(0.19)	(0.28)
Life expectancy		0.016		0.076	0.046	0.089
		(0.03)		(0.02)^***	(0.03)	(0.04)^**
Private pension insurance		−0.737		−0.441	−0.553	−0.614
		(0.24)^***		(0.28)	(0.38)	(0.54)
Constant	66.810	71.423	64.881	61.319	66.565	65.873
	(0.31)^***	(2.80)^***	(0.32)^***	(2.62)^***	(4.69)^***	(12.28)^***
R²	0.014	0.058	0.013	0.041	0.074	0.139
Observations	1,071	1,043	922	897	375	151

Notes: The table shows six OLS regressions with planned retirement age as the dependent variable. The columns show results for different subsamples by age (participants aged 60 or above are excluded). All variables are as defined in the Appendix. Robust standard errors are displayed in parentheses. Significance: ^*p < 0.1, ^**p < 0.05, ^***p < 0.01.