title: Causal effects of retirement timing on subjective physical and emotional health.
abstract: OBJECTIVE
  This article explores the effects of the timing of retirement on subjective physical and emotional health. Using panel data from the Health and Retirement Study (HRS), we test 4 theory-based hypotheses about these effects-that retirements maximize health when they happen earlier, later, anytime, or on time.
  
  
  METHODS
  We employ fixed and random effects regression models with instrumental variables to estimate the short- and long-term causal effects of retirement timing on self-reported health and depressive symptoms.
  
  
  RESULTS
  Early retirements--those occurring prior to traditional and legal retirement age--dampen health.
  
  
  CONCLUSIONS
  Workers who begin their retirement transition before cultural and institutional timetables experience the worst health outcomes; this finding offers partial support to the psychosocial-materialist approach that emphasizes the benefits of retiring later. Continued employment after traditionally expected retirement age, however, offers no health benefits. In combination, these findings offer some support for the cultural-institutional approach but suggest that we need to modify our understanding of how cultural-institutional forces operate. Retiring too early can be problematic but no disadvantages are associated with late retirements. Raising the retirement age, therefore, could potentially reduce subjective health of retirees by expanding the group of those whose retirements would be considered early.
authors.affiliation: Public Policy Institute, School of Business and Economics, Universidad Diego Portales, AV. Ejercito Libertador 260, Santiago, Chile. esteban.calvo@udp.cl
authors.forename: Esteban
authors.initials: E
authors.lastname: Calvo
authors.forename: Natalia
authors.initials: N
authors.lastname: Sarkisian
authors.forename: Christopher R
authors.initials: CR
authors.lastname: Tamborini
mesh_terms: D000368:Aged; D015331:Cohort Studies; D003863:Depression / Q000523:psychology*; D004651:Employment / Q000523:psychology*; D005260:Female; D006262:Health / Q000706:statistics & numerical data*; D006306:Health Surveys; D006801:Humans; D008297:Male; D008875:Middle Aged; D008960:Models, Psychological; D012179:Retirement / Q000331:legislation & jurisprudence / Q000523:psychology*; D057566:Self Report; D013997:Time Factors; D014481:United States