This is a common question that many approaching retirement age ask themselves. The decision around when to retire is complex, with many factors to consider. In this article, we’ll examine the research around how working longer may impact your longevity.
What does the research say?
Several studies have found a correlation between retiring later and living longer. Here are some of the key findings:
- A 2009 study published in the Journal of Occupational Health Psychology found that retirement increased the risk of death by 60% compared to those who kept working.
- A 2010 study by the RAND Corporation found that retirement increased the risk of death by 77%. Delaying retirement just one year decreased mortality risk by 2%.
- A 2013 study in Age and Ageing found that healthy retirees who worked just one year longer had an 11% lower risk of death from all causes.
Based on this research, delaying retirement – even by just a year or two – seems to have a positive impact on longevity. However, it’s important to note that these studies demonstrate correlation, not direct causation.
Why could staying in the workforce longer help you live longer?
There are several theories as to why continuing to work may boost longevity:
- Keeping active: Work provides physical and mental activity, which are both important for healthy aging.
- Sense of purpose: For many, work provides a sense of meaning and keeps them engaged and motivated.
- Social connections: Workplaces provide social interaction and friendships.
- Financial stability: Working longer boosts income and retirement savings.
- Access to healthcare: Employer-sponsored health insurance provides access to regular healthcare.
Essentially, continuing to work challenges our bodies and minds, keeps us connected and active, and provides financial and healthcare resources – all of which may contribute to longevity.
Are there any downsides to retiring later?
While delaying retirement may boost longevity on average, there are some potential downsides to consider:
- Health issues: Poor health may make continuing to work difficult or impossible.
- Burnout: Prolonged stress from work could have negative health impacts.
- Less family time: Retiring later means fewer years for travel and time with grandchildren.
- Less flexibility: Continuing to work full-time provides less free time for hobbies, volunteering, etc.
Those with physically demanding jobs are more likely to experience chronic health issues from overwork. Mentally exhausting or stressful jobs also take a toll over time. So some fields may be less conducive to delayed retirement.
Other factors that impact longevity
While retirement timing does appear to play a role, there are many other factors that impact longevity including:
- Genetics
- Gender (women tend to live longer)
- Lifestyle habits: diet, exercise, smoking, alcohol use
- Preventative healthcare and screening
- Education and income level
- Social connections and family support
- Access to high quality medical care
So while retiring later may extend your life expectancy on average, it does not guarantee longevity. A healthy lifestyle and proactive healthcare will have significant impacts as well.
What’s the optimal retirement age for longevity?
There is no simple answer, as it depends on your unique circumstances. But some general guidelines based on research include:
- Consider delaying up to age 70 if you enjoy your job and are healthy enough to keep working. This maximizes income and allows maximum Social Security benefits.
- Aim to retire by 65-68 if your job is physically demanding or stressful. This balances health, longevity and Social Security incentives.
- If you have chronic health conditions, consult your doctor but plan to retire earlier to focus on health.
- Delay retirement a year or two if you lack savings or pensions. Even a short extension boosts retirement readiness.
The below table summarizes the potential impact on longevity for various retirement ages:
| Retirement Age | Potential Longevity Impact |
|---|---|
| Before 62 | Higher mortality risk if not financially stable |
| 62-65 | Slightly higher mortality risk versus later retirement |
| 65-68 | Life expectancy maximized for many |
| 69-70 | Continued work may extend life expectancy 1-2 years |
| After 70 | Delaying retirement diminishing returns for longevity |
The ‘sweet spot’ seems to be between 65-68 for balancing health, longevity and quality of life. But gauge your own health, career and financial situations.
How to decide when to retire for longevity
If you’re on the fence about when to retire, consider the following:
- Think carefully about your job satisfaction and work-related stress.
- Discuss your health conditions with your doctor.
- Consult a financial advisor about retirement savings needs.
- Reflect on non-work passions you’d like time for.
- Consider a phased retirement transition plan.
- Remember, you can always reassess after retiring and return to work.
Striking the optimal balance between health, longevity and enjoyment in retirement is highly personal. With careful planning, you can time your retirement to align with your unique circumstances and goals.
Conclusion
Based on a number of studies, delaying retirement does seem to increase life expectancy on average. Working longer provides benefits for health, social connections, sense of purpose and financial stability. However, individual factors like genetics, health status and job satisfaction also play key roles. If you enjoy working and are physically able, retiring between 65-70 may optimize longevity. But consult your doctor and financial advisor to decide what retirement timing works best for you.