Retirement planning often is overwhelmingly about money: Did I save enough? Will my money last? What if I live longer than expected? These questions are essential when reviewing various scenarios for funding your lifestyle after a paycheck no longer hits your checking account. However, many people ignore the more crucial issues on the non-financial side of retirement: loss of identity, finding fulfilling hobbies and interests, health, and relationships.
According to a Federal Reserve Board study, a full 1/3 of those who retire eventually reverse course and return to work full- or part-time. AARP found, of those who would consider going back to work, 59% would look for a different position than their former one. According to the US Department of Labor, the top three reasons often mentioned are:
- technology and remote work allow for working outside the office
- rising healthcare costs
- loneliness
Depression among retirees (as well as the general population) is getting more and more attention. According to the World Health Organization (WHO), 300 million people suffer from depression worldwide, and it’s the primary reason for 800,000 suicides yearly.
In September 2020, a study titled Prevalence of Depression in Retirees: A Meta-Analysis revealed several aspects of the daily realities of depressed retirees. The study defines retirement as: “Retirement is a final life stage characterized by the ceasing of work and the loss of a routine, social relations, role, status, accomplishments, and aspirations, etc. Many times it is accompanied by negative feelings and can provoke different psycho-emotional reactions such as depression, among others.” A few key findings:
- 28% of retirees suffer from depression
- The highest prevalence of depression is among people forced into retirement, either due to downsizing or illness
- The uncertainty of the retirement transition results in retirees being more susceptible le to developing mental health issues than the general population
- Commitment and support from family members reduce the risk of experiencing depression during retirement – “the greater the level of social support, the lower the incidents of depression.”
Unsurprisingly, that after decades of nurturing relationships at work and the routine and structure it provides, a sense of loss and disorientation will follow in retirement. Retirement is a big transition. A problematic transition can lead to depression.
Fortunately, health professionals are becoming more aware of depressed retirees and will evaluate their mental health at annual exams.
What to Do? Here are a few tips from newretirement.com:
- Seek help
- Find purpose
- Develop your own schedule/routine and stay social
- Slide into retirement. Don’t make it an abrupt transition
- Volunteer
- Work
- Do what makes you happy
- Stay physically active
- Get a dog 😉
Although approximately one-third of retirees experience depression at some point, luckily, most is a mild form, similar to sadness, and most find their way out of it. However, sadness that lasts more than a few months may signal major depression. According to pyschcentral.com, here are a few symptoms of a major depressive disorder:
- a decrease in the ability to feel pleasure or enjoy activities you used to be interested in
- feelings of hopelessness
- irritability and anger outbursts
- crying for no specific reason
- sense of guilt or worthlessness
- difficulty concentrating
- difficulty making decisions
- changes in appetite
- weight loss or weight gain
- fatigue and body aches
- changes in sleep patterns
Seek professional help if you experience four or more of these symptoms for over two weeks.
I welcome your comments.
Best,
Henry Gorecki, CFP®
HG Wealth Management LLC
401 N Michigan Ave, Suite 1200
Chicago, IL 60611
312-723-5116
