Table 6. How did the impact of retirement on consumption differ among households? With low savings, a large/small income drop, expected/unexpected retirement 6-1. Only households whose head retired at some point during the observation period

A. Estimated coefficients
<1>	<2>
Retirement Dummies (RD(k))	RD(k)	RD(k) × CDum1	RD(k) × CDum3	RD(k)	RD(k) × CDum1	RD(k) × CDum4
(a_j)	(b_j)	(c_j)	(a_2)	(b_2)	(c_2)
k=0: Year of retirement	-0.05	-0.09	-0.03	-0.29 *	0.12	0.25
(0.14)	(0.14)	(0.15)	(0.17)	(0.17)	(0.17)
k=1: 1st year	-0.55 ***	0.16	0.17	-0.43 **	0.22	0.21 *
(0.19)	(0.11)	(0.18)	(0.17)	(0.14)	(0.13)
k=2: 2nd year	-0.50 **	0.15	0.16	-0.36 *	0.13	0.14
(0.21)	(0.12)	(0.19)	(0.20)	(0.15)	(0.14)
k=3: 3rd year	-0.72 ***	0.15	0.38 **	-0.47 *	0.15	0.19
(0.25)	(0.15)	(0.20)	(0.27)	(0.19)	(0.20)
F test: Coeff. on retirement dummies = 0 for all k	3.44 ***	1.23	1.04	1.68	0.73	1.04
Number of obs. (of which for retiring HHs)	292 (292)	185 (185)
Number of HHs	57	34
Hausman test	37.5	76.2***
R²: Within	0.36	0.47
Between	0.04	0.17
Overall	0.09	0.28
6-2. Including control households
A. Estimated coefficients
<1>	<2>
Retirement Dummies (RD(k))	RD(k)	RD(k) × CDum1	RD(k) × CDum3	RD(k)	RD(k) × CDum1	RD(k) × CDum4
(a_j)	(b_j)	(c_j)	(a_2)	(b_2)	(c_2)
k=0: Year of retirement	0.11	-0.05	-0.16	-0.09	-0.06	0.16
(0.11)	(0.12)	(0.13)	(0.13)	(0.15)	(0.15)
k=1: 1st year	-0.42 ***	0.23 **	0.11	-0.36 ***	0.22 *	0.17
(0.16)	(0.09)	(0.16)	(0.11)	(0.12)	(0.12)
k=2: 2nd year	-0.30 *	0.17	0.08	-0.18	0.14	0.04
(0.16)	(0.10)	(0.16)	(0.12)	(0.13)	(0.13)
k=3: 3rd year	-0.59 ***	0.20	0.35 **	-0.18	0.17	-0.01
(0.18)	(0.12)	(0.18)	(0.15)	(0.15)	(0.15)
F test: Coeff. on retirement dummies = 0 for all k	4.44 ***	2.46 **	2.65 **	1.41	0.75
Number of obs. (of which for retiring HHs)	2173 (292)	2066 (185)
Number of HHs	704	681
Hausman test	78.4***	74.5***
R²: Within	0.16	0.15
Between	0.22	0.24
Overall	0.21	0.22

B. Derived patterns of consumption decline after retirement by household type
< 1>	< 2>
Agricultural working hours	Medical expenditure
Income drop	Did not increase	Increased	Increased	Did not increase
Large	Small	Large	Small	Large	Small	Large	Small
(a1)	(a1)+(b1)	(a1)+(c1)	(a1)+(b1)	(a2)	(a2)+(b2)	(a2)+(c2)	(a1)+(b1)
+(c1)	+(c1)
k=0: Year of retirement	-0.05	-0.14	-0.08	-0.17	-0.29 *	-0.17	-0.04	0.08
(0.14)	(0.18)	(0.13)	(0.13)	(0.17)	(0.18)	(0.18)	(0.18)
k=1: 1st year	-0.55 ***	-0.39 *	-0.38 ***	-0.22 *	-0.43 **	-0.21	-0.22	0.00
(0.19)	(0.20)	(0.12)	(0.12)	(0.17)	(0.16)	(0.16)	(0.16)
k=2: 2nd year	-0.50 **	-0.35	-0.34 **	-0.19	-0.36 *	-0.23	-0.22	-0.09
(0.21)	(0.22)	(0.15)	(0.15)	(0.20)	(0.21)	(0.19)	(0.19)
k=3: 3rd year	-0.72 ***	-0.57 **	-0.34 *	-0.19	-0.47 *	-0.32	-0.28	-0.13
(0.25)	(0.27)	(0.19)	(0.19)	(0.27)	(0.28)	(0.24)	(0.23)

B. Derived patterns of consumption decline after retirement by household type
< 1>	< 2>
Agricultural working hours	Medical expenditure
Did not increase	Increased	Increased	Did not increase
Income drop	Large	Small	Large	Small	Large	Small	Large	Small
(a1)	(a1)+(b1)	(a1)+(c1)	(a1)+(b1) + (c1)	(a2)	(a2)+(b2)	(a2)+(c2)	(a1)+(b1) + (c1)
k=0: Year of retirement	0.11	0.06	-0.05	-0.10	-0.09	-0.15	0.07	0.01
(0.11)	(0.15)	(0.10)	(0.09)	(0.13)	(0.13)	(0.13)	(0.13)
k=1: 1st year	-0.42 ***	-0.19	-0.31 ***	-0.08	-0.36 ***	-0.14	-0.19 *	0.03
(0.16)	(0.16)	(0.07)	(0.07)	(0.11)	(0.10)	(0.10)	(0.09)
k=2: 2nd year	-0.30	-0.13	-0.22 ***	-0.05	-0.18	-0.04	-0.14	0.00
(0.16)	(0.16)	(0.08)	(0.08)	(0.12)	(0.12)	(0.11)	(0.11)
k=3: 3rd year	-0.59 ***	-0.39 **	-0.24 **	-0.04	-0.18	-0.01	-0.19	-0.02
(0.18)	(0.19)	(0.10)	(0.09)	(0.15)	(0.13)	(0.13)	(0.13)

Notes: See notes for Table 3. CDum1: Dummy for households that experienced a small income drop at retirement. CDum3: Dummy for households whose head's working hours in agriculture increased after retirement. CDum4: Dummies for households whose medical and healthcare expenditure did not increase at retirement.