### Appendix B. Estimates for the food expenditures

Table B1. Do households' food expenditures decline at retirement in Japan?

Only households whose head retired at some point during the observation period	Including control households
Fixed effect	Random effect	Fixed effect	Random effect
(i)	(ii)	(iii)	(iv)
RetiredDum(k)
k=0: Year of retirement	-0.05	0.03	-0.01	-0.00
(0.07)	(0.07)	(0.05)	(0.04)
k=1: 1st year	-0.09	-0.00	-0.05	-0.03
(0.07)	(0.06)	(0.04)	(0.04)
k=2: 2nd year	-0.06	0.06	0.02	0.04
(0.08)	(0.08)	(0.05)	(0.04)
k=3: 3rd year	-0.01	0.13	0.07	0.10*
(0.10)	(0.09)	(0.06)	(0.05)
k=4: 4th year	-0.10	0.07	-0.01	0.02
(0.12)	(0.11)	(0.07)	(0.07)
k=5: 5th year or more	-0.18	0.05	0.01	0.05
(0.14)	(0.12)	(0.07)	(0.06)
Number of obs.	440	1496
(Obs. for retiring HHs)	440	440
Number of HHs	90	463
Hausman test	74.0***	57.8**
R²: Within	0.21	0.18	0.10	0.10
Between	0.00	0.08	0.05	0.28
Overall	0.00	0.18	0.03	0.26

Notes: See notes for Table 2. The number of household members, dummies for children aged 0 to 5, aged 6-12 and aged 13-18, the number of regular employees other than the household head, and the number of non-regular employees are also included as explanatory variables.

Table B2. Are households' food expenditures correlated with the income decline at retirement? (Households that experienced a large income drop at retirement vs. households that experienced a small/no income drop)

Only households whose head retired at some point during the observation period	Including control households
Income drop	Large	Small/None	Large	Small/None
Income (i)	Food exp. (ii)	Income (iii)	Food exp. (iv)	Income (v)	Food exp. (vi)	Income (vii)	Food exp. (viii)
Retired Dum (k)
k=0: Year of retirement	-0.24	-0.08	0.07	-0.03	-0.04	-0.01	0.07	-0.02
(0.21)	(0.12)	(0.25)	(0.09)	(0.09)	(0.07)	(0.08)	(0.07)
k=1: 1st year	-0.87***	-0.16	-0.12	-0.02	-0.78***	-0.11**	-0.14**	-0.00
(0.21)	(0.12)	(0.28)	(0.10)	(0.07)	(0.05)	(0.06)	(0.05)
k=2: 2nd year	-0.88***	-0.26*	-0.47	0.05	-0.62***	-0.11*	-0.32***	0.12**
(0.25)	(0.15)	(0.37)	(0.14)	(0.08)	(0.06)	(0.08)	(0.06)
k=3: 3rd year	-0.81**	-0.18	-0.54	0.00	-0.62***	-0.10	-0.32***	0.11
(0.32)	(0.19)	(0.46)	(0.18)	(0.11)	(0.08)	(0.09)	(0.07)
k=4: 4th year	-0.94**	-0.29	-0.52	0.02	-0.59***	-0.15*	-0.36***	0.12
(0.38)	(0.22)	(0.58)	(0.22)	(0.12)	(0.09)	(0.12)	(0.09)
k=5: 5th year or more	-1.15**	-0.16	-0.31	-0.14	-0.61***	-0.08	-0.32***	0.12
(0.46)	(0.27)	(0.70)	(0.27)	(0.11)	(0.09)	(0.11)	(0.09)
Number of obs.	168	168	154	154	1,224	1,224	1,210	1,210
(Obs. for retiring HHs)	168	168	154	154	168	168	154	154
Number of HHs	28	28	27	27	401	401	400	400
Hausman test	62.3***	84.5***	53.8***	98.3***	59.2**	62.0**	56.3**	62.8**
R²: Within	0.66	0.43	0.45	0.38	0.36	0.13	0.21	0.09
Between	0.09	0.09	0.01	0.09	0.00	0.16	0.04	0.17
Overall	0.00	0.03	0.00	0.20	0.02	0.12	0.07	0.13

Notes: See notes for Table 3.

Table B3. How did the impact of retirement on income and food expenditures differ between households with high savings and households with low savings? (Households with a high wealth-consumption ratio vs. households with a low wealth-consumption ratio)

Only households whose head retired at some point during the observation period	Including control households
Wealth-consumption ratio	Below median	Above median	Below median	Above median
Income (i)	Food exp. (ii)	Income (iii)	Food exp. (iv)	Income (v)	Food exp. (vi)	Income (vii)	Food exp. (viii)
RetiredDum(k)
k=0: Year of retirement	-0.03	-0.03	-0.02	-0.08	0.01	0.06	-0.02	-0.05
(0.19)	(0.10)	(0.16)	(0.11)	(0.08)	(0.06)	(0.07)	(0.06)
k=1: 1st year	-0.33*	-0.13	-0.57***	-0.03	-0.36***	-0.07	-0.60***	0.03
(0.18)	(0.10)	(0.16)	(0.10)	(0.06)	(0.05)	(0.07)	(0.06)
k=2: 2nd year	-0.56**	-0.16	-0.54***	-0.06	-0.42***	-0.04	-0.57***	0.07
(0.22)	(0.11)	(0.18)	(0.12)	(0.07)	(0.06)	(0.08)	(0.07)
k=3: 3rd year	-0.72***	-0.18	-0.21	0.09	-0.48***	-0.02	-0.39***	0.21**
(0.27)	(0.14)	(0.23)	(0.15)	(0.09)	(0.07)	(0.10)	(0.08)
k=4: 4th year	-0.70**	-0.24	-0.38	-0.06	-0.39***	-0.03	-0.53***	0.00
(0.35)	(0.18)	(0.27)	(0.17)	(0.11)	(0.08)	(0.12)	(0.10)
k=5: 5th year or more	-0.53	-0.28	-0.58*	-0.06	-0.27***	-0.02	-0.72***	0.11
(0.41)	(0.21)	(0.33)	(0.21)	(0.10)	(0.08)	(0.12)	(0.10)
Number of obs.	209	209	190	190	1,265	1,265	1,246	1,246
(Obs. for retiring HHs)	209	209	190	190	209	209	190	190
Number of HHs	36	36	36	36	409	409	409	409
Hausman test	64.6***	99.0***	74.4***	103.4***	63.6**	56.0**	51.9*	62.4**
R²: Within	0.41	0.36	0.56	0.40	0.23	0.12	0.32	0.10
Between	0.09	0.01	0.02	0.04	0.00	0.23	0.03	0.03
Overall	0.01	0.02	0.00	0.01	0.01	0.19	0.06	0.01

Notes: See notes for Table 3.