Table 3.

Summary statistics of the sample of 65–69-year-old single retirees used to estimate the demand for annuities. Statistics are raw (unweighted) means. I select retirees by dropping people with more than $3,000 in earnings in the year of the survey. The wealth variable includes all non-annuity wealth. The income variable refers to non-asset income. The “Any annuity” variable includes all private (non-pension) annuities. The “Life annuity” variable counts only those annuities that last for life. I assume that two-thirds of the individuals who own annuities of unknown type (because of missing variable values) own life annuities, which is the share of life annuities in total annuities for 65–69-year-olds whose annuity type can be determined.

Variable	Mean
Female	0.73
Age	67.1
Non-annuity wealth	$271,209
Income	$19,689
Any annuity	0.043
Life annuity	0.036
Have children	0.90
N	794