Table 5. 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 5-1. 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	-0.07	-0.23	-0.12	0.13	0.25 **
(0.11)	(0.13)	(0.14)	(0.12)	(0.13)	(0.13)
k=1: 1st year	-0.38 ***	0.18 *	-0.02	-0.30 **	0.24 **	0.26 **
(0.12)	(0.11)	(0.11)	(0.12)	(0.11)	(0.12)
k=2: 2nd year	-0.31 **	0.18	-0.06	-0.20	0.15	0.15
(0.15)	(0.12)	(0.12)	(0.17)	(0.15)	(0.16)
k=3: 3rd year	-0.27	0.20	-0.19	-0.07	0.05	0.08
(0.19)	(0.14)	(0.14)	(0.18)	(0.17)	(0.17)
k=4: 4th year	-0.35	0.47 **	-0.27	-0.02	-0.36	0.05
(0.23)	(0.18)	(0.18)	(0.21)	(0.23)	(0.20)
F test: Coeff. on retirement dummies = 0 for all k	2.83 **	2.16 *	1.02	1.42	1.90 *	1.45
Number of obs. (of which for retiring HHs)	310 (310)	339 (339)
Number of HHs	57	57
Hausman test	35.8	38.5
R²: Within	0.36	0.36
Between	0.07	0.00
Overall	0.14	0.00

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_{2})+(b_{2})+(c_{2}) $
k=0: Year of retirement	-0.00	-0.07	-0.23	-0.30 *	-0.12	0.01	0.13	0.26 *
(0.11)	(0.13)	(0.16)	(0.16)	(0.12)	(0.14)	(0.11)	(0.15)
k=1: 1st year	-0.38 ***	-0.20	-0.40 ***	-0.22 *	-0.30 **	-0.06	-0.04	0.20 *
(0.12)	(0.12)	(0.13)	(0.13)	(0.12)	(0.12)	(0.10)	(0.12)
k=2: 2nd year	-0.31 **	-0.13	-0.37 **	-0.19	-0.20	-0.05	-0.05	0.10
(0.15)	(0.16)	(0.15)	(0.16)	(0.17)	(0.14)	(0.12)	(0.17)
k=3: 3rd year	-0.27	-0.07	-0.46 **	-0.26	-0.07	-0.02	0.01	0.06
(0.19)	(0.20)	(0.19)	(0.19)	(0.18)	(0.17)	(0.15)	(0.19)
k=4: 4th year	-0.35	0.12	-0.62 ***	-0.15	-0.02	-0.38	0.03	-0.33
(0.23)	(0.24)	(0.23)	(0.26)	(0.21)	(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) × CDum1	RD(k) × CDum2	RD(k)	RD(k) × CDum1
(a_1)	(b_1)	(c_1)	(a_2)	(b_2)
k=0: Year of retirement	0.07	-0.08	-0.22 *	-0.12	0.03
(0.09)	(0.12)	(0.13)	(0.09)	(0.12)
k=1: 1st year	-0.30 ***	0.23 **	-0.05	-0.29 ***	0.17 *
(0.08)	(0.09)	(0.10)	(0.09)	(0.10)
k=2: 2nd year	-0.17 *	0.16	-0.11	-0.33 **	0.18
(0.09)	(0.10)	(0.10)	(0.13)	(0.13)
k=3: 3rd year	-0.22 **	0.23 *	-0.15	-0.31 **	0.15
(0.10)	(0.12)	(0.12)	(0.13)	(0.14)
k=4: 4th year	-0.23 *	0.36 **	-0.25	-0.11	-0.24
(0.12)	(0.15)	(0.16)	(0.16)	(0.19)
F test: Coeff. on retirement dummies = 0 for all k	4.23 ***	2.82 **	1.06	3.23 ***	1.53
Number of obs. (of which for retiring HHs)	2191 (310)	2220 (339)
Number of HHs	704	704
Hausman test	83.1 ***	81.2 ***
R²: Within	0.17	0.16
Between	0.22	0.26
Overall	0.21	0.25

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_{2})+(b_{2}) $	$ (a_{2})+(c_{2}) $	$ (a_{2})+(b_{2}) $
k=0: Year of retirement	0.07	-0.01	-0.15	-0.23 $ * $	-0.12	-0.09	0.05	0.08
(0.09)	(0.10)	(0.12)	(0.12)	(0.12)	(0.11)	(0.08)	(0.12)
k=1: 1st year	-0.30 $ *\* $	-0.07	-0.35 $ *\* $	-0.12	-0.29 $ *\* $	-0.12	-0.10	0.07
(0.08)	(0.08)	(0.09)	(0.09)	(0.10)	(0.09)	(0.07)	(0.09)
k=2: 2nd year	-0.17 $ * $	-0.01	-0.28 $ *\* $	-0.12	-0.33 $ *\*)	-0.15	-0.09	0.09
(0.09)	(0.09)	(0.09)	(0.10)	(0.13)	(0.11)	(0.08)	(0.12)
k=3: 3rd year	-0.22 $ *\*)	0.01	-0.37 $ *\* $	-0.14	-0.31 $ *\*)	-0.16	-0.09	0.06
(0.10)	(0.10)	(0.12)	(0.11)	(0.14)	(0.12)	(0.10)	(0.14)
k=4: 4th year	-0.23 $ * $	0.13	-0.48 $ *\* $	-0.12	-0.11	-0.35 $ *\*)	-0.08	-0.32
(0.12)	(0.13)	(0.13)	(0.18)	(0.19)	(0.16)	(0.12)	(0.20)

Notes: See notes for Table 3. CDum1: Dummy for households that experienced a small income drop at retirement. CDum2: Dummy for households that received a lump-sum retirement allowance.