To retire or not to retire, the old age question. Determining when to retire is a tough decision, but according to a recent article, “When It’s Healthier Not to Retire” by NextAvenue, it could be healthier to retire later.
A new study done at Cornell University and the University of Melbourne found that there is a significant increase in mortality for Americans starting at age 62 when they can begin claiming Social Security and retire. This study found that these deaths were more concentrated in the 10 percent of men who retire at 62 because they become more sedentary and for some their habit of smoking increases. This study is not the only one to demonstrate negative health impacts from retiring, others have demonstrated the increased risk of cancer, mortality, and cardiovascular disease.
In a 2016 study from Oregon State University, it was found that people who retired a year past 65 had an 11 percent decreased chance of dying compared with those who retired sooner.
Retiring at any age comes with its own risks of adjustment. Not only is there a financial adjustment with retiring, there are also emotional adjustments. In retirement, you will want to have activities that give you a purpose and give you gratification and achievement, structure that a job usually provides. An emotional risk is isolation; those who retire encounter a degree of increased isolation. Socialization is extremely important for mental and emotional health as depression is a very common health problem that develops after retiring.
Finding a job that you are healthy enough to do at a retirement age though can mean finding something more accommodating. This could mean a job with heavy lifting and carrying is not right because of arthritis, but a desk job that entails some walking would be a good way to continue working and promote staying active and improve joint mobility. High-stress jobs at an older age can cause emotional and physical overload, but a job with little stress can be good. An example of a good fit is if you are a diabetic, who is overweight, having a job that requires you to walk around could help with losing weight and making diabetes more manageable. Talk with your physician to determine the best job for you to pursue, or the best changes to make to your current work.
Whether you plan to retire early, later, or “on time”, you will want to have a retirement plan and estate plan in place. These will ensure whatever you decide that you will be financially stable.
For more information on how Family Estate Law Planning Group can assist you in your retirement or estate planning, visit our website to schedule your consultation today!
Reference: NextAvenue (Feb 15, 2018) “When It’s Healthier Not to Retire”