Table A2. 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)	Cons.(ii)	Income(iii)	Cons.(iv)	Income(v)	Cons.(vi)	Income(vii)	Cons.(viii)
RetiredDum(k)
k=0: Year of retirement	-0.05(0.15)	0.06(0.10)	0.20(0.13)	-0.01(0.10)	0.05(0.07)	0.01(0.07)	0.28***	-0.06(0.07)
k=1: 1st year	-1.10***	-0.12	-0.06	0.00	-0.97***	-0.17**	-0.09	-0.05
(0.19)	(0.13)	(0.17)	(0.13)	(0.07)	(0.07)	(0.07)	(0.07)
k=2: 2nd year	-1.11***	-0.13	-0.28	-0.01	-0.81***	-0.13	-0.26***	-0.02
(0.27)	(0.19)	(0.24)	(0.19)	(0.09)	(0.10)	(0.09)	(0.10)
k=3: 3rd year	-1.07***	-0.09	-0.19	-0.05	-0.73***	-0.17	-0.21*	-0.03
(0.37)	(0.25)	(0.32)	(0.24)	(0.12)	(0.12)	(0.12)	(0.13)
k=4: 4th year	-1.16**	-0.05	-0.08	0.10	-0.76***	-0.15	-0.18	0.06
(0.47)	(0.32)	(0.42)	(0.33)	(0.15)	(0.15)	(0.16)	(0.17)
k=5: 5th year or more	-1.35**	-0.06	-0.09	-0.01	-0.79***	-0.16	-0.15	0.03
(0.58)	(0.40)	(0.53)	(0.41)	(0.18)	(0.19)	(0.19)	(0.21)
Number of obs.	276	276	232	232	1670	1670	1626	1626
(Obs. for retiring HHs)	276	276	232	232	276	276	232	232
Number of HHs	44	44	43	43	559	559	558	558
Adj. R²	0.355	0.094	0.136	-0.007	0.212	0.06	0.074	0.054

Notes: Dependent variables are the growth rates. 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 A3. 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)	Cons. (ii)	Income (iii)	Cons. (iv)	Income (v)	Cons. (vi)	Income (vii)	Cons. (viii)
RetiredDum(k)
k=0: Year of retirement	-0.05	-0.03	0.28**	0.12	0.07	-0.05	0.25***	0.06
(0.13)	(0.10)	(0.13)	(0.09)	(0.06)	(0.06)	(0.06)	(0.06)
k=1: 1st year	-0.66***	-0.13	-0.57***	0.02	-0.47***	-0.16**	-0.62***	-0.03
(0.17)	(0.13)	(0.16)	(0.11)	(0.07)	(0.07)	(0.07)	(0.07)
k=2: 2nd year	-0.77***	-0.06	-0.55**	0.00	-0.46***	-0.07	-0.60***	-0.04
(0.25)	(0.19)	(0.24)	(0.16)	(0.09)	(0.09)	(0.10)	(0.10)
k=3: 3rd year	-0.75**	-0.07	-0.38	0.06	-0.41***	-0.10	-0.48***	-0.04
(0.33)	(0.25)	(0.32)	(0.21)	(0.11)	(0.12)	(0.13)	(0.13)
k=4: 4th year	-0.86**	-0.04	-0.31	0.08	-0.43***	-0.07	-0.49***	-0.02
(0.42)	(0.32)	(0.41)	(0.27)	(0.14)	(0.15)	(0.16)	(0.16)
k=5: 5th year or more	-0.93*	-0.04	-0.39	0.06	-0.37**	-0.05	-0.56***	-0.04
(0.52)	(0.39)	(0.51)	(0.34)	(0.18)	(0.18)	(0.20)	(0.20)
Number of obs.	284	284	304	304	1,678	1,678	1,698	1,698
(Obs. for retiring HHs)	284	284	304	304	284	284	304	304
Number of HHs	57	57	57	57	375	375	366	366
Adj. R²	0.120	0.017	0.287	0.065	0.085	0.062	0.167	0.056

Notes: See notes for Table A2.