A new study has found that both health and life satisfaction improve in retirement.
According to the study “Does Retirement Improve Health and Life Satisfaction?” from the National Bureau of Economic Research, not only does one’s life satisfaction improve in retirement, physical and mental health also improve — and retirement does not have a noticeable effect on the utilization of health care.
One consideration in undertaking the study was the move toward later retirement ages. Longer life expectancies have resulted in longer retirements, and longer retirements have put pressure on retirement benefits.
“Faced with impending budget shortfalls in entitlement programs, this fact [that retirements last longer] has led policymakers to raise the normal retirement age for collecting some retirement benefits and increased interest in policies that further extend working lives,” the study said. “Such policies are fiscally attractive as longer working lives can both reduce benefits and increase tax revenue.”
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However, changes can also bring unexpected results.