Does retirement improve health and life satisfaction?

Health Economics
Aspen GorrySita Nataraj Slavov

Abstract

We utilize panel data from the Health and Retirement Study to investigate the impact of retirement on physical and mental health, life satisfaction, and health care utilization. Because poor health can induce retirement, we instrument for retirement using eligibility for Social Security and employer-sponsored pensions and coverage by the Social Security earnings test. We find strong evidence that retirement improves reported health, mental health, and life satisfaction. In addition, we find evidence of improvements in functional limitations in the long run. Although the impact on life satisfaction occurs within the first 4 years of retirement, many of the improvements in health show up four or more years later, consistent with the view that health is a stock that evolves slowly. We find no evidence that the health improvements are driven by increased health care utilization. In fact, results suggest decreased utilization in some categories.

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Citations

Aug 23, 2018·Health Economics·Claudio Lucifora, Daria Vigani
Jun 4, 2019·International Journal of Environmental Research and Public Health·Lucille Aba AbruquahYa Ding
Oct 27, 2020·Canadian Journal on Aging = La Revue Canadienne Du Vieillissement·Kaitlin Wynia BalukJames Gillett
Dec 10, 2020·Médecine sciences : M/S·Clémentine Garrouste, Elsa Perdrix
Dec 8, 2020·Economics and Human Biology·Devon Gorry, Sita Nataraj Slavov
Jan 8, 2021·BMC Health Services Research·Sarah HewkoCharlene VanLeeuwen
Feb 21, 2021·Social Science & Medicine·Sae Hwang Han
Mar 13, 2021·Health Economics·Antoine BozioElsa Perdrix
Sep 17, 2021·The European Journal of Health Economics : HEPAC : Health Economics in Prevention and Care·Nathan Kettlewell, Jack Lam

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