Warning, Don't Retire!

by Rachel Weinstein Executive Coach

According to research done by Britain’s Institute of Economic Affairs, retirement increases the probability of suffering from clinical depression by about 40% and it increases the probability of having at least one diagnosed physical condition by about 60%.

Sounds horrible, no? So why do people retire? We’ve convinced ourselves it’s because the pool-side relaxation at the end of 4+ decades of work is our birthright. Frankly, it’s only because in the 1880s, the Chancellor of Germany put into place the novel idea of contributing state funds to support people over 70 who could no longer work. Life expectancy was then about 65, so really, not many people actually retired.

Shortly thereafter, however, North Americans adopted the idea, dialled back retirement age to 65 and never adjusted it. Financial planners who want your business tempt you with visuals of a perfect life on the horizon; a time with no cares in the world. The thing is, today we can expect to live to 80, so we have a precarious 15 years – some will surely have 30– to try to avoid the real hazards of retirement.