Updated on March 19, 2022
“Start planning now… If you want to retire early (Sunday Times, September 5, 2021).”
The ST article was as attention-grabbing as it was enticing. It was all about making our money grow, and all the advice made financial sense. The author exhorted : “Don’t waste a moment if you want to reap the benefits of compounding, and make more informed decisions with your money.”
But wait a minute, is early retirement all about financial health? Let us hear (be prudent) what researchers from the Centre of Ageing Research and Education (CARE), Duke-NUS Medical School found in their study To Work or Not to Work – Retirement and Health Among Older Singaporeans. The study population consisted of 347 older Singaporeans interviewed over six years. At the end of the study, 60% remained in the workforce, while 40% retired.
The study found that the retiree group felt lonelier, more depressed, and had a poorer cognitive function. Furthermore, the retirees had more chronic diseases, limitations in activities of daily living (ADL), and instrumental activities of daily living (IADL). (ADL refers to daily self-care activities such as bathing, dressing, and personal hygiene, while IADL relates to actions, for example, buying groceries, housekeeping, and laundry). Overall, the retirees experienced a significant deterioration in health.
What could be the reasons behind these alarming findings? The most important reason is social disconnection. We now know that loneliness (due to social disconnection) often leads to poor physical and mental health. Thus, it is likely that the opportunities provided by workplaces for social interactions contributed to the health and well-being of older workers. In contrast, retirees generally have fewer social ties and often feel lonelier.
The authors suggested a need to help retirees adapt to the new retirement environment. Training sessions aimed at developing psychological resilience and cognitive flexibility have proven helpful. Before retirement, individuals could begin to develop new interests that provide opportunities for social connection. These new activities will buffer the loss of their work-based ties. Greater social participation (such as volunteering or community involvement) can provide psychosocial support in old age. Joining The National Senior Volunteerism Movement is a step in the right direction!
Yes, if you want to retire early, start planning early.
Be financially and mentally ready.
Be socially ready….
Retirement need not be lonely.
Vince
Dr Vincent Chong is a retired Professor of Radiology at Yong Loo Lin School of Medicine, National University of Singapore.
