Forced to Retire?

"There's a consensus in the fields of psychology and gerontology that folks who retire voluntarily are more satisfied with their lives during the retirement years. However, the reverse is also true: those who retire involuntarily report more health, mental health, and financial problems. Studies find involuntary retirement can lead to depression, anxiety, increased alcohol use, reduced physical activity, and decreased general well-being."

"Let's not underestimate the great number of older workers who are forced into involuntary retirement, which occurs for more than half of retirees. The number one reason for early retirement? Health issues, often an accumulation of prolonged medical concerns making continued employment unfeasible. Consider the findings of the recent report Retiree Life in the Post-Pandemic Economy (Transamerica Center for Retirement Studies, 2024), which found that ill health was the cause of 28% of early retirements."

Voluntary retirement associates with greater life satisfaction, while involuntary retirement correlates with poorer outcomes across health, mental health, and finances. Involuntary retirement is linked to depression, anxiety, increased alcohol use, reduced physical activity, and lower general well-being. Zhai et al. (2022) reviewed eight articles with 26,822 participants and found involuntary retirement significantly increased depression risk. More than half of retirees leave work earlier than planned, most commonly due to health problems; Transamerica (2024) reported ill health caused 28% of early retirements, with job loss and organizational change each 16% and job unhappiness 14%. Nearly 70% of retirees cite factors beyond their control. Interventions and lifestyle changes can reduce stress from involuntary retirement.

Read at Psychology Today