Table B4. How did the impact of retirement on food expenditures differ among households? With low/high savings, a large/small income drop, and with/without a lump-sum retirement allowance

B4-1. 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) $ \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	-0.03	-0.06	0.01	-0.34	**	0.23	0.27	*
(0.12)	(0.14)	(0.15)	(0.15)	(0.16)	(0.16)
k=1: 1st year	-0.35	***	0.13	0.26	**	-0.11	0.20	-0.03
(0.12)	(0.10)	(0.11)	(0.15)	(0.15)	(0.16)
k=2: 2nd year	-0.37	**	0.25	**	0.13	0.04	0.19	-0.25
(0.15)	(0.12)	(0.12)	(0.21)	(0.21)	(0.21)
k=3: 3rd year	-0.48	0.24	0.34	**	0.04	-0.11	0.02
(0.20)	(0.15)	(0.16)	(0.22)	(0.26)	(0.23)
k=4: 4th year	-0.49	**	0.18	0.17	-0.12	-0.98	*	-0.10
(0.25)	(0.19)	(0.21)	(0.29)	(0.55)	(0.29)
F test: Coeff. on retirement dummies = 0 for all k	3.16**	1.54	1.92*	1.22	1.48	1.23
Number of obs. (of which for retiring HHs)	192 (192)	182 (182)
Number of HHs	36	36
Hausman test	92.4***	100.8***
R²: Within	0.45	0.39
Between	0.14	0.04
Overall	0.21	0.01

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_{i})+(b_{i}) $	$ (a_{i})+(c_{i}) $	$ (a_{i})+(b_{i}) $	$ (a_{i}) $	$ (a_{i})+(b_{i}) $	$ (a_{i})+(c_{i}) $	$ (a_{i})+(b_{i}) $	$ (a_{i})+(b_{i}) $
k=0: Year of retirement	-0.03	-0.09	-0.02	-0.08	-0.34	-0.11	-0.07	0.16
$ (0.12) $	$ (0.13) $	$ (0.16) $	$ (0.16) $	$ (0.15) $	$ (0.14) $	$ (0.11) $	$ (0.15) $
k=1: 1st year	-0.35	***	-0.22	-0.09	0.04	-0.11	**	-0.14	0.06
$ (0.12) $	$ (0.12) $	$ (0.13) $	$ (0.13) $	$ (0.15) $	$ (0.12) $	$ (0.10) $	$ (0.12) $
k=2: 2nd year	-0.37	**	-0.12	-0.24	0.01	0.04	0.23	-0.21	-0.02
$ (0.15) $	$ (0.16) $	$ (0.15) $	$ (0.16) $	$ (0.21) $	$ (0.14) $	$ (0.12) $	$ (0.17) $
k=3: 3rd year	-0.48	-0.24	-0.14	0.10	0.04	-0.07	0.06	-0.05
$ (0.20) $	$ (0.20) $	$ (0.19) $	$ (0.19) $	$ (0.22) $	$ (0.17) $	$ (0.15) $	$ (0.19) $
k=4: 4th year	-0.49	-0.31	-0.32	-0.14	-0.12	-1.10	**	-1.20	**
$ (0.25) $	$ (0.24) $	$ (0.23) $	$ (0.26) $	$ (0.29) $	$ (0.23) $	$ (0.16) $	$ (0.26) $

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_j) $	$ (b_j) $	$ (c_j) $	$ (a_2) $	$ (b_2) $	$ (c_2) $
k=0: Year of retirement	0.16	*	-0.17	-0.08	-0.27	***	0.19	0.29	***
(0.08)	(0.12)	(0.14)	(0.10)	(0.13)	(0.12)
k=1: 1st year	-0.12	0.04	0.09	-0.09	0.22	*	0.06
(0.07)	(0.09)	(0.09)	(0.10)	(0.11)	(0.11)
k=2: 2nd year	-0.16	*	0.18	*	0.20	0.07	-0.23
(0.08)	(0.10)	(0.10)	(0.14)	(0.15)	(0.15)
k=3: 3rd year	-0.24	**	0.20	0.25	**	0.32	**	-0.05	-0.17
(0.12)	(0.13)	(0.13)	(0.14)	(0.17)	(0.16)
k=4: 4th year	-0.10	0.14	-0.01	-0.01	0.35	-0.10	-0.10
(0.15)	(0.17)	(0.18)	(0.18)	(0.29)	(0.21)
F test: Coeff. on retirement dummies = 0 for all k	3.34***	1.85	1.20	3.38***	1.30	2.25**
Number of obs. (of which for retiring HHs)	1248 (192)	1238 (182)
Number of HHs	409	409
Hausman test	56.7*	70.8***
R²: Within	0.13	0.11
Between	0.16	0.08
Overall	0.12	0.05

B. Derived patterns of consumption decline after retirement by household type
< 1 >	< 2 >
Wealth-consumption ratio < median	Wealth-consumption ratio > median
Lump-sum retirement allowance	No	Yes	No	Yes
Income drop	Large	Small	Large	Small	Large	Small	Large	Small	Small	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_{2})+(b_{2}) $	$ (a_{2})+(c_{2}) $	$ (a_{2})+(b_{2}) $
k=0: Year of retirement	0.16	-0.01	0.08	-0.09	-0.27	-0.08	0.02	0.21
(0.08)	(0.10)	(0.12)	(0.12)	(0.13)	(0.11)	(0.08)	(0.12)
k=1: 1st year	-0.12	***	-0.08	-0.03	0.01	-0.09	***	-0.03	0.19	*
(0.07)	(0.08)	(0.09)	(0.09)	(0.11)	(0.09)	(0.07)	(0.09)
k=2: 2nd year	-0.16	*	0.02	-0.07	0.11	0.20	**	-0.03	0.04
(0.08)	(0.09)	(0.09)	(0.10)	(0.15)	(0.11)	**	(0.08)	(0.12)
k=3: 3rd year	-0.24	**	-0.04	0.01	0.21	0.32	**	0.15	0.10
(0.12)	(0.10)	(0.12)	(0.11)	(0.17)	(0.12)	**	(0.10)	(0.14)
k=4: 4th year	-0.10	*	0.04	-0.11	0.03	-0.01	0.34	-0.11	0.24
(0.15)	(0.13)	(0.13)	(0.18)	(0.29)	(0.16)	(0.12)	(0.20)

Notes: See notes for Table 5.