Table 1 Names and definitions of variables

Categories Variable name Definition
Dependent variable Retirement age Retirement age (unit: years)
Main explanatory variables Has R.E. income 1 if there is real estate income, 0 otherwise
Log (R.E. income) Logarithm of real estate income (unit: 10,000 won)
Log (R.E. income ratio) Logarithm of the ratio of real estate income to household income (unit: %)
Income Log (income) Logarithm of household income (unit: 10,000 won)
Age 30s 1 if you are in your 30s, 0 otherwise.
40s 1 if you are in your 40s, 0 otherwise.
50s 1 if you are in your 50s, 0 otherwise.
60s 1 if you are in your 60s, 0 otherwise.
Working status Wage worker 1 if employee, 0 otherwise.
Self-employed 1 if self-employed, 0 otherwise
Marital status Single 1 if never married, 0 otherwise
Spouse 1 if married and has a spouse, 0 otherwise
Non-spouse 1 if married but no spouse, 0 otherwise.
Health status Health 1 if your health is very bad, 2 if it is bad, 3 if it is average, 4 if it is good, and 5 if it is very good.
Education No_high school 1 if not graduate from high school, 0 otherwise
High school 1 if graduated from high school, 0 otherwise
College 1 if graduated from college, 0 otherwise
Gender Male 1 if male, 0 if female
Female 1 if female, 0 if male
Region Seoul 1 if live in Seoul, 0 otherwise
Busan 1 if live in Busan, 0 otherwise
Daegu 1 if live in Daegu, 0 otherwise
Incheon 1 if live in Incheon, 0 otherwise
Gwangju 1 if live in Gwangju, 0 otherwise
Daejeon 1 if live in Daejeon, 0 otherwise
Ulsan 1 if live in Ulsan, 0 otherwise
Gyeonggi 1 if live in Gyeonggi, 0 otherwise
Gangwon 1 if live in Gangwon, 0 otherwise
Chungbuk 1 if live in Chungbuk, 0 otherwise
Chungnam 1 if live in Chungnam, 0 otherwise
Jeonbuk 1 if live in Jeonbuk, 0 otherwise
Jeonnam 1 if live in Jeonnam, 0 otherwise
Gyeongbuk 1 if live in Gyeongbuk, 0 otherwise
Gyeongnam 1 if live in Gyeongnam, 0 otherwise
Jeju 1 if live in Jeju, 0 otherwise
Sejong 1 if live in Sejong, 0 otherwise