Table 2.

Panel regression results for the average effects on health

	Subjective health			Physical health
Variables	Coeff.	SD	p	Coeff.	SD	p
Retirement timing:
Retirement status	−0.39	0.18	0.030	−0.45	0.19	0.016
Age	−0.06	0.06	0.337	−0.26	0.06	0.000
Age squared	0.04	0.03	0.205	−0.01	0.04	0.779
Interactions:
Retirement × Age	0.59	0.29	0.039	0.62	0.33	0.060
Retirement × Age squared	−0.20	0.11	0.059	−0.19	0.13	0.133
Retirement × Years of education	0.04	0.02	0.050	0.05	0.02	0.009
Retirement × Years of education × Age	−0.06	0.04	0.146	−0.10	0.04	0.014
Retirement × Years of education × Age squared	0.02	0.02	0.454	0.04	0.02	0.018
Age × Years of education	0.00	0.01	0.947	−0.01	0.01	0.355
Age squared × Years of education	0.00	0.01	0.896	0.00	0.01	0.991
Covariates:
Income (in US $1,000, logged)	0.12	0.07	0.064	0.07	0.07	0.292
No spouse	0.04	0.07	0.579	−0.26	0.07	0.000
Spouse not employed	−0.06	0.03	0.045	0.05	0.03	0.087
Not in the labour force	−0.06	0.03	0.068	−0.05	0.04	0.143
Functional limitations index	−0.04	0.01	0.000	−0.01	0.01	0.385
Psychological health	0.07	0.01	0.000	0.05	0.01	0.000
Ever smoked	0.00	0.03	0.889	0.04	0.04	0.265
Current smoker	0.08	0.05	0.096	0.22	0.06	0.000
Light drinking behaviour	0.09	0.03	0.004	0.04	0.03	0.219
Moderate drinking behaviour	−0.05	0.07	0.446	0.10	0.06	0.106
Heavy drinking behaviour	0.17	0.08	0.034	0.19	0.09	0.043
Constant	1.99	0.07	0.000	5.99	0.08	0.000

Notes: N (individuals) = 2,430; N (observations) = 6,276. Reference categories for categorical variables are employed spouse and professional/managerial worker. Continuous variables are mean-centred. Coeff.: coefficient. SD: standard deviation.