Table 5 Impacts of retirement and reasons of retirement on mental health
From: Mental health around retirement: evidence of Ashenfelter’s dip
FE | FE-IV | |||
|---|---|---|---|---|
Without reasons | With reasons | Stage I | Stage II | |
Retired (β) | − 0.096 (0.022)*** | − 0.261 (0.065)*** | ||
Retired due to aspirational motivations | − 0.115 (0.044)** | |||
Retired due to positive circumstances | − 0.038 (0.014)** | |||
Retired due to negative circumstances | 0.087 (0.028)** | |||
Retired due to ambiguous reasons | − 0.005 | |||
(0.044) | ||||
IV (normal pension age) | 0.208 (0.003)*** | |||
IV (early pension age) | 0.224 (0.003)*** | |||
Age | − 0.218 (0.019)*** | − 0.225 (0.019)*** | 0.054 (0.003)*** | − 0.218 (0.026)*** |
Age × Age | 0.002 (0.000)*** | 0.002 (0.000)*** | − 0.000 (0.000)*** | 0.001 (0.000)*** |
Marital status | − 0.460 (0.035)*** | − 0.466 (0.035)*** | 0.015 (0.005)** | − 0.464 (0.036)*** |
Number of children | 0.013 | 0.013 | − 0.002 | 0.012 |
(0.011) | (0.011) | (0.002) | (0.012) | |
Vigorous activities | 0.045 (0.005)*** | 0.044 (0.005)*** | 0.004 (0.001)*** | 0.047 (0.005)*** |
Moderate activities | 0.126 (0.007)*** | 0.128 (0.007)*** | − 0.007 (0.001)*** | 0.127 (0.007)*** |
GDP growth | − 0.003 | − 0.003 | − 0.002 | − 0.001 |
(0.004) | (0.004) | (0.000)*** | (0.004) | |
Unemployment rate | 0.012 (0.002)*** | 0.012 (0.002)*** | − 0.002 (0.000)*** | 0.010 (0.002)*** |
Constant | 9.089 (0.954)*** | 9.345 (0.934)*** | − 1.368 (0.178)*** | 9.835 (1.324)*** |
N | 153,976 | 153,467 | 149,019 | 149,011 |