Why retirement is good

So is retirement likely to be good or bad for our health? Delaying retirement can be good for our health and longevity. Voluntary and planned retirement is less stressful.

Does it matter what job you were doing? As indicated above though, those working in very stressful, dangerous or physically demanding jobs are likely to feel the greatest short-term health boost from retirement. Successfully adjusting to retirement. The following all seem to have health benefits post retirement:.

February Next review date, January Home Ageing Ageing Adult Education - is it good for our health? A typical rule of thumb is that you'll spend about 80 percent as much in retirement as you do when you work. After all, you won't be shoveling money into your retirement account, commuting every day and, for that matter, paying Social Security payroll tax, assuming you have no more earned income. But at least in the early years of retirement, when you're younger, healthier and newly freed from the constraints of work, you could very well spend as much as or more than you did before retirement.

Some things might be fun and social. Some things might be work around the house. Most things cost some money, which is why Saturday is often the most expensive day of your week. Retiring without a mortgage is a common goal for would-be retirees, but it's a goal that many fail to meet.

According to an American Financing survey, 44 percent of retired homeowners between ages 60 and 70 still carry a mortgage. Even if you have paid off your mortgage, other expenses don't go away. As a rule of thumb, homeowners should set aside 1 percent of a home's purchase price annually to cover repairs and replacement. Working in retirement might not be as simple as you think. While 74 percent of workers plan to work for pay in retirement, according to the EBRI study, just 27 percent of actual retirees reported working for pay.

Even part-time work can be a challenge. I have had retirees surprised by the inflexibility of part-time work. For anyone born in or later, the full retirement age, when you are entitled to percent of your monthly benefit, is By claiming early at 62, the benefit amount is reduced by 30 percent. When you retire, you have a hour gap in your week that you need to fill. How much time do you realistically see yourself spending going on long walks, lounging poolside or curling up on the couch with a good book, especially after the novelty wears off?

Think hard and think long term before you retire. Bauger says for this group, it matters a lot whether retirement is something you choose for yourself, or is something you have to do. Bauger conducted thorough interviews with nine people who had all recently retired. By analysing their stories, he found some shared success factors that contributed to having a good life as a retiree. This is not the same as not having aches and pains. These new pensioners, who were 67 years old on average, all had the feeling that they had solved the challenge they faced when they suddenly had a lot more time on their hands.

None of the people Bauger interviewed had trouble filling the new time they had at their disposal. The newly retired pensioners also felt strongly about the feeling of being able to control their own lives. Retirees would like to have a good relationship with their children and good contact with their grandchildren.

But some said they protected themselves from others who could take control of their lives. They are careful to say yes to new obligations, including caring for grandchildren. Swedish researcher Isabelle Hansson at the University of Gothenburg has investigated how health and well-being are affected in the years before and after retirement. She has also found that most people do better in the years right after they become retired. They report less stress and fewer depressive symptoms — and a generally better quality of life.

Table of Contents Expand. Some Pros of Retiring Early. Some Cons of Retiring Early. A Middle Ground. The Bottom Line. Key Takeaways Many Americans plan to retire early, before the proverbial age of Pros of retiring early include health benefits, opportunities to travel, or starting a new career or business venture. Cons of retiring early include the strain on savings, due to increased expenses and smaller Social Security benefits, and a depressing effect on mental health.

There may be ways to chart a middle course—cutting back on work without fully retiring. Pros of Retiring Early Potentially good for your health More time for travel Opportunity to start a new career. Cons of Retiring Early Possible declines in mental health, difficult lifestyle transition Smaller Social Security benefits Retirement savings have to last longer Need to find health insurance. Article Sources. Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts.

We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. Compare Accounts. The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Related Articles. Partner Links. Related Terms What Is Retirement?

Retirement refers to the time of life when one chooses to permanently leave the workforce behind. Social Security Definition Social Security is a federally run insurance program that provides benefits to many American retirees, their survivors, and workers who become disabled.

What Are Social Security Benefits?