Retirement has a negative impact on both mental and physical health over time, according to a study.
The Work Longer, Live Healthier study from the United Kingdom-based Institute of Economic Affairs (IEA) finds that there may be a small bounce in the health of retirees immediately following retirement. However, there is a drastic decline in their health over the medium and longer term, which is the case for both women and men.
“There is now general agreement that state pension ages should be raised,” says Philip Booth, editorial and program director at the IEA. “Working longer will not only be an economic necessity, it also helps people to live longer.”
The findings from the study show that retirement:
- Decreases the likelihood of being in very good or excellent self-assessed health by about 40%
- Increases the probability of suffering from clinical depression by about 40%
- Increases the probability of having at least one diagnosed physical condition by about 60%
- Increases the probability of taking a drug for such a condition by about 60%
The length of time spent in retirement is also significant, according to the study. The results for doubling the number of years spent in retirement are as follows:
- It decreases the likelihood of being in very good or excellent self-assessed health by between 10% and 30%
- It increases the probability of suffering from clinical depression by 17%
- It increases the probability of having at least one diagnosed physical condition by 22%
- It increases the probability of taking a drug for such a condition by 19%