Is Retirement A Death Trap?
Your first day of retirement is usually a cause for celebration. Even if you love your job and agonize over the decision to retire, you will probably start looking forward to your life as a retiree and counting the days until it begins once you submit your application for retirement. By the time of your retirement party, you will probably have a long mental list of things that you will not miss about your job and about your years in the workforce in general. According to Neal Shah, a researcher who studies aging and elder care, retirement might seem like freedom from the stress of work, but it is unlikely to make you healthier. In fact, he recently published a video on his Tik Tok channel in which he summarized studies showing that early retirement is correlated with early death. In other words, retiring before age 65, even if you have ample retirement savings, is not necessarily a recipe for a long life. Of course, none of us can be sure how long we will live, and most people make their decisions about when to retire based on decisions outside their control. For help thinking realistically about your health, your finances, and your plans for retirement, contact an Orlando estate planning lawyer.
The Younger You Are, the More Likely It Is for Your Retirement to Begin a Countdown to Death
Retiring before age 65 may seem like a flex, but Shah argues that it is a poison pill. He presented data showing that people who tired before age 65 had a higher chance of dying less than ten years into their retirement than people who retired later. The most striking finding was that people who retired at age 62, exactly as soon as they became eligible for Social Security, were the least likely to live for more than ten years beyond their last day of work.
Shah cited several health protections that work offers but retirement was not, but he failed to cite another important factor. Specifically, he did not mention that ill health predicts early retirement, rather than the other way around. People retire early when they are no longer healthy enough to work, even if they have little or no retirement savings. The poor longevity outcomes of people who retire as soon as they become eligible to draw Social Security probably reflect this.
Your Retirement Survival Time Will Be Longer If You Have a Plan
Shah says that retirement separates people from several factors that keep them healthy, namely social connections, physical exercise, and intellectually challenging tasks that keep the mind active. Before you retire, you should have a plan to keep your body, mind, and interpersonal relationships active.
Contact Gierach and Gierach About Staying Alive Beyond Retirement
An estate planning lawyer can help you be honest with yourself about your health risks and your retirement budget. Contact Gierach and Gierach, P.A. in Orlando, Florida to discuss your case.
Source:
msn.com/en-us/money/retirement/why-retirement-could-be-the-most-dangerous-day-of-your-life/ar-AA26qmTP?ocid=msedgntp&pc=ACTS&cvid=6a3dc7af2f2b4cf1a0c1134fa1696261&ei=32
