A study by the Institute of Economic Affairs (IEA) has suggested that retirement has a negative impact on mental and physical health.
The research, published by the think tank, suggests that there might be a small boost to health immediately after retirement but goes onto say that retirement “results in a drastic decline in health” in the medium and long term.
As a result, it says that people should work for longer for health reasons as well as economical ones.
‘Work Longer, Live Healthier: The Relationship Between Economic Activity, Health And Government Policy’ also suggests that retirement increases the likelihood of suffering from clinical depression by 40%, while the chance of suffering from a physical condition increases by approximately 60%.
The study, which was published in conjunction with the charity, the Age Endeavour Fellowship, compared retired people with those who had continued working past retirement age and discovered that people who are retired are 40% less likely than others to describe themselves as being in very good or excellent health.
Philip Booth, Programme Director at IEA, believes that the Government should do more to deregulate labour markets and allow people to work for longer.
He said:
“There is now general agreement that state pension ages should be raised. The Government should take firmer action here and also deregulate labour markets. Working longer will not only be an economic necessity, it also helps people to live healthier lives.”
Edward Datnow, Chairman of the Age Endeavour Fellowship, said:
“There should be no ‘normal’ retirement age in future.
“More employers need to consider how they will capitalise on Britain’s untapped grey potential and those seeking to retire should think very hard about whether it is their best option.”