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 |