Table A4. How did the impact of retirement on consumption differ among households? With low/high savings, a large/small income drop, and with/without a lump-sum retirement allowance A4-1. Only households whose head retired at some point during the observation period

A. Estimated coefficients
< 1 >	< 2 >
Wealth-consumption ratio < median	Wealth-consumption ratio > median
Retirement Dummies (RD(k))	RD(k)	RD(k) × CDum1	RD(k) × CDum2	RD(k)	RD(k) × CDum1	RD(k) × CDum2
(a1)	(b1)	(c1)	(a2)	(b2)	(c2)
k=0: Year of retirement	-0.00	-0.00	-0.13	0.10	-0.15	0.10
(0.13)	(0.14)	(0.16)	(0.12)	(0.13)	(0.13)
k=1: 1st year	-0.28	0.21	0.02	-0.06	-0.03	0.11
(0.18)	(0.16)	(0.16)	(0.16)	(0.15)	(0.15)
k=2: 2nd year	-0.19	0.18	0.00	-0.06	-0.01	0.09
(0.25)	(0.21)	(0.21)	(0.26)	(0.21)	(0.23)
k=3: 3rd year	-0.14	0.11	-0.04	-0.08	0.03	0.18
(0.34)	(0.26)	(0.27)	(0.34)	(0.29)	(0.30)
k=4: 4th year	-0.27	0.43	-0.03	0.10	-0.37	0.02
(0.44)	(0.34)	(0.35)	(0.41)	(0.37)	(0.36)
F test: Coeff. on retirement dummies = 0 for all k	1.51	1.03	0.27	0.70	0.96	0.30
Number of obs. (of which for retiring HHs)	260 (260)	289 (289)
Number of HHs	57	57
Adi R²	0.04	0.04

B. Derived patterns of consumption decline after retirement by household type
< 1 >	< 2 >
Wealth-consumption ratio < median	Wealth-consumption ratio > median
Retirement allowance	No	Yes	No	Yes
Income drop	Large	Small	Large	Small	Large	Small	Large	Small
$ (a_{i})	$ (a_{j})+(b_{i}) $	$ (a_{j})+(c_{i}) $	$ (a_{j})+(b_{j}) $	$ (a_{i}) $	$ (a_{2})+(b_{2}) $	$ (a_{2})+(c_{2}) $	$ (a_{i})+(b_{i}) $
$ + (c_{i}) $	$ + (c_{i}) $
k=0: Year of retirement	-0.00	0.00	-0.13	-0.13	0.10	-0.05	0.20	*
(0.13)	(0.14)	(0.18)	(0.17)	(0.12)	(0.14)	(0.11)	(0.15)
k=1: 1st year	-0.28	-0.07	-0.26	-0.05	-0.06	-0.09	0.05	0.02
(0.18)	(0.18)	(0.19)	(0.19)	(0.16)	(0.17)	(0.14)	(0.17)
k=2: 2nd year	-0.19	-0.01	-0.19	-0.01	-0.06	-0.07	0.03	0.02
(0.25)	(0.26)	(0.27)	(0.27)	(0.26)	(0.23)	(0.19)	(0.24)
k=3: 3rd year	-0.14	-0.03	-0.18	-0.07	-0.08	-0.05	0.10	0.13
(0.34)	(0.35)	(0.36)	(0.35)	(0.34)	(0.31)	(0.26)	(0.33)
k=4: 4th year	-0.27	0.16	-0.30	0.13	0.10	-0.27	0.12	-0.25
(0.44)	(0.45)	(0.45)	(0.48)	(0.41)	(0.41)	(0.33)	(0.44)

A. Estimated coefficients
< 1 >	< 2 >
Wealth-consumption ratio < median	Wealth-consumption ratio > median
Retirement Dummies (RD(k))	RD(k)	RD(k) \times CDum1	RD(k) \times CDum2	RD(k)	RD(k) \times CDum1	RD(k) \times CDum2
(a_1)	(b_1)	(c_1)	(a_2)	(b_2)	(c_2)
k=0: Year of retirement	-0.01	-0.02	-0.12	0.08	-0.17	0.06
(0.09)	(0.12)	(0.13)	(0.10)	(0.13)	(0.12)
k=1: 1st year	-0.29	***	-0.00	-0.11	-0.01	0.10
(0.11)	(0.13)	(0.13)	(0.13)	(0.14)	(0.14)
k=2: 2nd year	-0.12	0.15	-0.09	-0.23	0.08	0.23
(0.15)	(0.17)	(0.18)	(0.20)	(0.20)	(0.20)
k=3: 3rd year	-0.14	0.16	-0.12	-0.32	0.18	0.31
(0.19)	(0.22)	(0.22)	(0.25)	(0.26)	(0.26)
k=4: 4th year	-0.19	0.38	-0.12	-0.11	-0.10	0.10
(0.23)	(0.28)	(0.29)	(0.31)	(0.34)	(0.33)
F test: Coeff. on retirement dummies = 0 for all k	2.76**	1.51	0.42	1.14	1.10	0.51
Number of obs. (of which for retiring HHs)	1654 (260)	1683 (289)
Number of HHs	572	572
Adi. R²	0.06	0.06

B. Derived patterns of consumption decline after retirement by household type
< 1 >	< 2 >
Wealth-consumption ratio < median	Wealth-consumption ratio > median
Retirement allowance	No	Yes	No	Yes
Income drop	Large	Small	Large	Small	Large	Small	Large	Small
$ (a_{1}) $	$ (a_{1})+(b_{1}) $	$ (a_{1})+(c_{1}) $	$ (a_{1})+(b_{1})+(c_{1}) $	$ (a_{2}) $	$ (a_{2})+(b_{2}) $	$ (a_{2})+(c_{2}) $	$ (a_{1})+(b_{1})+(c_{1}) $
k=0: Year of retirement	-0.01	-0.03	-0.13	-0.15	0.08	-0.09	0.14	-0.03
(0.09)	(0.10)	(0.13)	(0.13)	(0.10)	(0.12)	(0.09)	(0.12)
k=1: 1st year	-0.29	-0.06	-0.29	**	-0.11	-0.12	-0.01	-0.02
(0.11)	(0.11)	(0.13)	(0.12)	(0.13)	(0.13)	(0.10)	(0.13)
k=2: 2nd year	-0.12	0.03	-0.21	-0.06	-0.23	-0.15	0.00	0.08
(0.15)	(0.15)	(0.17)	(0.16)	(0.20)	(0.18)	(0.13)	(0.19)
k=3: 3rd year	-0.14	0.02	-0.26	-0.10	-0.32	-0.14	-0.01	0.17
(0.19)	(0.19)	(0.21)	(0.20)	(0.25)	(0.23)	(0.18)	(0.25)
k=4: 4th year	-0.19	0.19	-0.31	0.07	-0.11	-0.21	-0.01	-0.11
(0.23)	(0.23)	(0.26)	(0.29)	(0.31)	(0.30)	(0.22)	(0.34)

Notes: See notes for Table A2. CDum1: Dummy for households that experienced a small income drop at retirement. CDum2: Dummies for households that received a lump-sum retirement allowance.