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Retirees, Financial Planning Horizon, and Retirement Satisfaction


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Retirement Satisfaction Correlates

Retirement Satisfaction Financial Planning Horizon Age Age2 Wealth Income Education Married White Male Health
Retirement Satisfaction 1
Financial Planning Horizon 0.1408 1
Age 0.1907 -0.0541 1
Age2 0.1811 -0.0605 0.9965 1
Wealth 0.1189 0.0913 0.0541 0.0529 1
Income 0.1031 0.0733 -0.0307 -0.0314 0.198 1
Education 0.1834 0.1046 -0.0195 -0.022 0.1775 0.1523 1
Married 0.1573 0.1292 -0.137 -0.1476 0.0801 0.1364 0.0948 1
White 0.1709 0.0733 0.175 0.1709 0.1019 0.0624 0.1398 0.1511 1
Male 0.0287 0.044 0.0103 0.0069 0.02 0.0236 -0.0023 0.242 0.0343 1
Health 0.4005 0.1607 0.0754 0.0656 0.114 0.1056 0.251 0.1293 0.1687 -0.0129 1

Descriptive Statistics

Variable Mean Std. Dev. Min Max
Retirement Satisfaction
Very Satisfied 0.1059 0.3078 0.0000 1.0000
Moderately Satisfied 0.3796 0.4853 0.0000 1.0000
Not at All Satisfied 0.5145 0.4998 0.0000 1.0000
Financial Planning Horizon
Next Few Months 0.1784 0.3828 0.0000 1.0000
Next Year 0.1444 0.3515 0.0000 1.0000
Next Few Years 0.2719 0.4450 0.0000 1.0000
Next 5-10 Years 0.2782 0.4481 0.0000 1.0000
Next 10+Years 0.1271 0.3331 0.0000 1.0000
Age 70.9422 9.6747 31.1667 102.8333
Age2 5,126 1,391 971 l0,575
Net Worth 150,712 613,910 -3,636,749 28,400,000
Income 49,647 122,787 0.0000 l0,000,000
Education 12,5133 3,0145 0.0000 17,0000
Married 0.5718 0.4948 0.0000 1.0000
White 0.7834 0.4119 0.0000 1.0000
Male 0.4351 0.4958 0.0000 1.0000
Health
Poor 0.1099 0.3127 0.0000 1.0000
Fair 0.2418 0.4282 0.0000 1.0000
Good 0.3160 0.4649 0.0000 1.0000
Very Good 0.2565 0.4367 0.0000 1.0000
Excellent 0.0759 0.2648 0.0000 1.0000

Retirement Satisfaction by Financial Planning Horizon

Very Satisfied Moderately Satisfied Not at All Satisfied Total
Next Few Months 1,198 2,688 2,336 6,222 (17.84%)
Next Year 499 2,106 2,432 5,037 (14.42%)
Next Few Years 776 3,683 5,025 9,484 (27.19%)
Next 5-10 Years 700 3,335 5,668 9,703 (27.82%)
Next 10+Years 522 1,426 2,484 4,432 (12.71%)
Total 3,695 (10.59%) 13,238 (37.96%) 17,945(51.45%) 34,878

Average Marginal Effects from Random-Effects Ordered Probit

Not at All Satisfied Std. Err. Moderately Satisfied Std. Err. Very Satisfied Std. Err.
Financial Planning Horizon (Next Few Months as Reference)
Next Year -0.0159*** 0.0035 -0.0173*** 0.0038 0.0332*** 0.0073
Next Few Years -0.0231*** 0.0031 -0.0265*** 0.0034 0.0496*** 0.0065
Next 5-10 Years -0.0305*** 0.0032 -0.0367*** 0.0037 0.0673*** 0.0068
Next 10+Years -0.0288*** 0.0037 -0.0342*** 0.0046 0.0631*** 0.0083
Age -0.0127*** 0.0013 -0.0159*** 0.0016 0.0286*** 0.0288
Age2 0.0001** 0.0000 0.000*** 0.0000 -0.0002*** 0.0000
Net Worth -0.0001 0.0000* -0.0001 0.0000*** 0.0000 0.0000***
Income -1.0001 0.0000 -1.0001 0.0000 0.0000 0.0000
Education -1.0048*** 0.0004 -1.0060*** 0.0005 0.0108*** 0.0009
Married -1.0392*** 0.0026 -1.0494*** 0.0032 0.0885*** 0.0057
White -1.0255*** 0.0030 -1.0321*** 0.0038 0.0575*** 0.0068
Male 0.0008 0.0025 0.0009 0.0032 -0.0017 0.0057
Health (Poor as Reference)
Fair -0.0882*** 0.0061 -0.0342*** 0.0021 0.1225*** 0.0074
Good -0.1456*** 0.0059 -0.1012*** 0.0031 0.2467*** 0.0078
Very Good -0.1821*** 0.0061 -0.1855*** 0.0048 0.3675*** 0.0089
Excellent -0.1967*** 0.0062 -0.2397*** 0.0084 0.4364*** 0.0119
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