Table 5 Retirement age due to changes in the proportion of real estate income

Variables	Model 1: Random effect model		Model 2: Fixed effect model
	Coef.	Std. Err.	Coef.	Std. Err.
Log (R.E. income ratio)	15.07**	7.19	21.54**	8.85
Log (income)	2.62	2.32	8.67***	2.83
30s	−4.79***	0.14	−3.98***	0.32
40s	−4.07***	0.12	−3.13***	0.25
50s	−2.66***	0.11	−1.82***	0.19
Wage worker	−1.56***	0.08	−0.56***	0.16
Spouse	−0.26**	0.13	0.45	0.46
Non-spouse	0.58***	0.18	0.80	0.56
Health	0.20***	0.04	0.28***	0.06
Education	Controlled		Non-Controlled
Gender
Region