Many individuals will have mixed feelings as they approach retirement. They will often question whether or not the time is right and the benefits associated with waiting sometime.
Retirement can have both negative and positive impacts on your health. A study completed by the National Bureau of Economic Research identified that retirement in whole leads to up to a 16% increase in difficulties associated with daily activities and mobility, up to a 9% decline in mental health, and a 5% increase in illness conditions. These negative health impacts are reduced if the retiree had social supports, continue to engage in physical activities beyond retirement or works part-time or is married. The negative impacts of retirement can also be bigger if an individual has been forced to retire.
The National Institute on Aging identifies that health issues have a significant impact on a person’s decision to retire early. However, not enough research has been done to determine how retirement impacts your overall wellbeing after you retire. For some individuals, retirement is a way to relax but for others it can lead to increasing limitations and declining health. After retiring, retirees face a 40% higher risk of having a stroke or heart attack than those still working, according to the U.S. Health and Retirement study.
The increase was the highest during the first year beyond retirement and then levelled off beyond that. Having a plan for your retirement as well as your medical concerns such as a power of attorney is strongly recommended as you approach the retirement process.
