Table 3. How was the consumption decline 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)	Consumption (ii)	Income (iii)	Consumption (iv)	Income (v)	Consumption (vi)	Income (vii)	Consumption (viii)
Retired Dum(k)
k=0: Year of retirement	-0.05	0.03	0.30 **	-0.02	0.11	-0.09	0.23 ***	-0.06
(0.14)	(0.10)	(0.12)	(0.10)	(0.07)	(0.07)	(0.06)	(0.07)
k=1: 1st year	-1.00 ***	-0.12	0.06	-0.02	-0.86 ***	-0.24 ***	-0.10 **	-0.06
(0.13)	(0.09)	(0.12)	(0.09)	(0.05)	(0.05)	(0.05)	(0.05)
k=2: 2nd year	-0.94 ***	-0.10	-0.12	-0.02	-0.69 ***	-0.20 ***	-0.27 ***	-0.05
(0.16)	(0.12)	(0.15)	(0.12)	(0.06)	(0.06)	(0.06)	(0.06)
k=3: 3rd year	-0.87 ***	-0.03	-0.07	-0.06	-0.61 ***	-0.24 ***	-0.23 ***	-0.07
(0.20)	(0.15)	(0.17)	(0.13)	(0.07)	(0.07)	(0.07)	(0.07)
k=4: 4th year	-0.96 ***	0.00	0.04	0.06	-0.68 ***	-0.24 ***	-0.23 **	-0.07
(0.24)	(0.17)	(0.22)	(0.18)	(0.08)	(0.08)	(0.09)	(0.10)
k=5: 5th year or more	-1.02 ***	0.04	0.04	0.14	-0.59 ***	-0.25 ***	-0.26 ***	-0.02
(0.30)	(0.21)	(0.27)	(0.21)	(0.08)	(0.08)	(0.09)	(0.10)
Number of obs.	315	315	269	269	2,196	2,196	2,150	2,150
(Obs. for retiring HHs)	315	315	269	269	315	315	269	269
Number of HHs	44	44	43	43	691	691	690	690
Hausman test	112.3 ***	42.0 **	24.7	21.5	48.9	66.4 ***	46.8	72.8 ***
R²: Within	0.64	0.44	0.37	0.21	0.38	0.19	0.18	0.13
Between	0.12	0.00	0.41	0.25	0.31	0.24	0.35	0.23
Overall	0.02	0.05	0.42	0.24	0.35	0.23	0.36	0.22

Notes: This table presents the results using fixed effects regressions. Dependent variables are in log form. Standard errors of coefficients are shown in parentheses. $ ^{***} $ , $ ^{**} $ , and $ ^{*} $ denote significance at the 1, 5, and 10 percent level, respectively. Dummies for the age of the household head, the number of household members, children aged 5 or younger, children aged 6 to 12, and children aged 13 to 18, as well as the number of regular employees other than the household head, the number of non-regular employees, and year dummies are included in all regressions.

Table 4. How did the impact of retirement on income and consumption 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)	Consumption(ii)	Income(iii)	Consumption(iv)	Income(v)	Consumption(vi)	Income(vii)	Consumption(viii)
RetiredDum(k)
k=0: Year of retirement	-0.06(0.13)	-0.06(0.09)	0.24**(0.11)	0.06(0.08)	0.06(0.06)	-0.04(0.06)	0.21***(0.06)	-0.02(0.06)
k=1: 1st year	-0.58***(0.13)	-0.24**(0.09)	-0.52***(0.11)	-0.03(0.08)	-0.44***(0.05)	-0.19***(0.05)	-0.58***(0.05)	-0.11**(0.05)
k=2: 2nd year	-0.63***(0.17)	-0.19(0.12)	-0.53***(0.13)	-0.03(0.10)	-0.44***(0.06)	-0.13**(0.06)	-0.59***(0.06)	-0.11*(0.06)
k=3: 3rd year	-0.59***(0.21)	-0.21(0.15)	-0.38**(0.16)	0.01(0.12)	-0.40***(0.07)	-0.17**(0.07)	-0.47***(0.07)	-0.13*(0.07)
k=4: 4th year	-0.67***(0.25)	-0.21(0.18)	-0.30(0.19)	-0.01(0.14)	-0.48***(0.08)	-0.18**(0.08)	-0.48***(0.09)	-0.15*(0.09)
k=5: 5th year or more	-0.62**(0.31)	-0.22(0.22)	-0.41*(0.23)	0.02(0.17)	-0.34***(0.08)	-0.15*(0.08)	-0.57***(0.09)	-0.15(0.09)
Number of obs.	334	334	354	354	2,215	2,215	2,235	2,235
(Obs. for retiring HHs)	334	334	354	354	334	334	354	354
Number of HHs	57	57	57	57	704	704	704	704
Hausman test	41.1	53.3**(0.41)	17.6	18.7	50.1	76.9***(0.15)	48.4	67.3***(0.16)
R²: Within	0.41	0.31	0.55	0.33	0.22	0.15	0.32	0.16
Between	0.06	0.07	0.00	0.20	0.30	0.22	0.30	0.25
Overall	0.00	0.12	0.19	0.24	0.33	0.21	0.33	0.24

Notes: See notes for Table 3.