Retirement as Risk or Relief? The Role of Timing in Mental, Physical and Cognitive Health Effects of Retirement

Retirement is a major life event that can significantly impact health and well-being in later life. In this study, we evaluated how effects of retirement on mental, physical, and cognitive health vary depending on retirement age, pre-retirement job satisfaction, and degree of voluntariness in the transition. Using nine annual measurement waves from the longitudinal population-based HEalth, Aging, and Retirement Transitions in Sweden (HEARTS) study (N = 5,913, age 60–74), we applied linear-mixed effects models to assess changes in life satisfaction, quality of life, depressive symptoms, disease burden, reasoning ability, and memory over the retirement transition. Results showed average improvements across health domains post-retirement, with more pronounced benefits among those who retired early. High pre-retirement job satisfaction and involuntary retirement increased the risk of negative changes in mental health, particularly among those who retired later. The findings illustrate how health effects of retirement are driven by push (out of work) and pull (into retirement) factors. While extended working lives can benefit those who find meaning and value in work, delaying retirement for individuals who would benefit from leaving the workforce may increase the public health burden.