If you are thinking about retiring early, you may want to rethink that option after the release of a study by Cornell University.
New analysis reveals that people who start their golden years prematurely are more likely to die sooner than people who work until at least age 65. The death rate is 20 percent higher for men than for women who begin drawing Social Security early at age 62.
Economists Maria Fitzpatrick and Timothy Moore compiled this information from birth and death records for the United States population. They contrasted this information with pension claims, checking each individual’s age, gender, and mortality. They discovered that one-third of Americans opted to begin retirement early and start taking Social Security benefits at 62.
Fitzpatrick and Moore concluded retiring early “may have an immediate, negative impact.” This isn’t the only study reaching this conclusion. Just last year, Oregon State University researchers declared people who worked past age 65 added years to their lives.
Of course, there are other factors that may have contributed to the premature demise of these early retirees. Perhaps they retired early because of health problems. If that is the case, it is hard to blame their deaths on retirement.
Very often, you hear complaints from people who have retired early. Some people need a purpose in life. Work can fill that need. When that is gone, depression can seep in. While many think taking it easy would be a dream come true, that isn’t the case for some people.
When my grandfather retired, it didn’t last long. After just a couple months, I remember him telling me if he didn’t get back to work soon, retirement would kill him. He had worked at least two jobs his entire life. He couldn’t handle spending the whole day at home. Spending all day with my grandmother proved not to be as fun as he expected! So, he returned to work part-time. This helped him perk right back up and he lived into his early 90s.
Just like everything in life, the key is to find the right balance for you.
Share this if you plan on reconsidering an early retirement!
Source: Daily Mail