Psychosocial effects of retirement on the elderly: a systematic review

Abstract Background Retirement, as an important transition in life which is characterized by changes at the social, economic and psychological level, is associated with many factors that can contribute to development of psychopathology in later life. Understanding how these risk factors impact health and well-being of older adults is expected to highlight opportunities to promote mental health during this transition. Objective To identify and evaluate literature on the effects of retirement on mental health, life satisfaction, loneliness, and changes in social networks. Moreover, we examined protective and risk factors for mental health and well-being after retirement. Methods The literature search was performed in Scopus until October 02, 2023, using the following search strategy in all fields: (elderly OR seniors) AND (retirement OR pension) AND (transition) AND (depression OR anxiety OR “mental health” OR socialization OR loneliness). Results Applying the inclusion criteria, we found 23 studies that investigated both protective and risk factors for postretirement mental health. We found that both involuntary and early retirement were associated with greater risk of reporting major depression and worse perceived health, while positive attitudes toward aging were associated with increased participation in leisure activities after retirement. Other risk factors for developing depressive symptoms were poor working conditions and spousal assistance in activities of daily living. Lastly, the social support network was a protective factor, as it was related to better physical health and less loneliness. Conclusions Evidence indicated that early and involuntary retirement are possible risk factors for mental health, however the results couldn’t support that an extension of working life beyond retirement age would be beneficial. Taking into account the above, we suggest that pension reforms should be adapted according to circumstances such as the country, professional sector, needs and preferences of the population. Therefore, designing a pension policy that would provide flexibility regarding the timing of retirement is expected to be more beneficial compared to the current, age-based pension policies.