Table 3 Retirement age based on real estate income

Variables	Model 1: Random effect model		Model 2: Fixed effect model
Variables	Coef.	Std. Err.	Coef.	Std. Err.
Has R.E. income	1.77^**	0.89	2.25^**	0.98
Log (income)	2.49	2.32	8.80^***	2.83
30s	−4.80^***	0.14	−3.98^***	0.32
40s	−4.07^***	0.12	−3.13^***	0.25
50s	−2.67^***	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
High school	−1.32^***	0.16	Non-controlled
College	−2.26^***	0.16
Male	2.35^***	0.08
Busan	0.60^***	0.17
Daegu	−0.67^***	0.18
Incheon	−0.74^***	0.19
Gwangju	−0.13	0.22
Daejeon	1.52^***	0.20
Ulsan	−0.73^***	0.25
Gyeonggi	−0.10	0.13
Gangwon	−0.51^**	0.22
Chungbuk	0.75^***	0.22
Chungnam	−0.20^*	0.12
Jeonbuk	0.19	0.21
Jeonnam	0.83^***	0.21
Gyeongbuk	0.54^***	0.20
Gyeongnam	0.02	0.18
Jeju	−0.28	1.21
Sejong	0.46	0.37
_cons	70.34^***	0.32	66.55^***	0.56