Table 2 Descriptive statistics

Variables	Full samples		Samples without real estate income		Samples with real estate income
	Mean	Std. Dev.	Mean	Std. Dev.	Mean	Std. Dev.
Retirement age	65.95***	5.80	65.91	5.80	66.84	5.68
Has R.E. income	0.04***	0.20	0.00	0.00	1.00	0.00
Log (R.E. income)	0.29***	1.37	0.00	0.00	6.73	1.04
R.E. income	64.14***	683.30	0.00	0.00	1,513.40	2,971.37
Log (R.E. income ratio)	0.10***	0.52	0.00	0.00	2.36	1.06
R.E. income ratio	0.72***	4.90	0.00	0.00	17.05	16.98
Log (income)	8.53***	1.26	8.52	1.25	8.80	1.26
Income	6,956***	5,680	6,853	5,597	9,287	6,918
Age	48.14***	9.14	47.96	9.16	52.20	7.62
30s	0.21***	0.41	0.22	0.41	0.07	0.25
40s	0.32***	0.47	0.32	0.47	0.28	0.45
50s	0.35***	0.48	0.34	0.47	0.46	0.50
60s	0.12***	0.33	0.12	0.32	0.20	0.40
Wage worker	0.70***	0.46	0.71	0.45	0.59	0.49
Self-employed	0.30***	0.46	0.29	0.45	0.41	0.49
Single	0.11***	0.31	0.11	0.31	0.04	0.20
Spouse	0.81***	0.39	0.80	0.40	0.88	0.32
Non-spouse	0.09	0.28	0.09	0.28	0.08	0.27
Health	3.85***	0.71	3.86	0.71	3.80	0.72
No high school	0.08*	0.26	0.08	0.26	0.09	0.28
High school	0.38***	0.48	0.38	0.49	0.33	0.47
College	0.55***	0.50	0.55	0.50	0.58	0.49
Male	0.57***	0.50	0.57	0.50	0.61	0.48
Female	0.43***	0.50	0.43	0.50	0.39	0.48
Seoul	0.13**	0.33	0.12	0.33	0.15	0.35
Busan	0.08*	0.26	0.08	0.26	0.06	0.24
Daegu	0.06***	0.24	0.06	0.24	0.08	0.28
Incheon	0.05	0.22	0.05	0.22	0.06	0.23
Gwangju	0.04***	0.19	0.04	0.19	0.06	0.24
Daejeon	0.05***	0.22	0.05	0.22	0.01	0.11
Ulsan	0.03	0.17	0.03	0.17	0.03	0.18
Gyeonggi	0.19	0.39	0.19	0.39	0.19	0.39
Gangwon	0.03	0.18	0.03	0.18	0.03	0.18
Chungbuk	0.04***	0.19	0.04	0.20	0.01	0.11
Chungnam	0.10	0.30	0.10	0.30	0.10	0.30
Jeonbuk	0.04	0.20	0.04	0.20	0.03	0.18
Jeonnam	0.04**	0.20	0.04	0.20	0.05	0.22
Gyeongbuk	0.05***	0.21	0.05	0.21	0.07	0.26
Gyeongnam	0.07***	0.25	0.07	0.25	0.05	0.21
Jeju	0.00	0.03	0.00	0.03	0.00	0.04
Sejong	0.01	0.09	0.01	0.09	0.01	0.08
Number of samples	31,357		30,028		1,329

Note: indicate statistical significance evaluated at 90%, 95%, and 99% confidence levels respectively as a result of a t-test on the mean difference between two groups.