Post-retirement work 'helps finances and health'

19/10/2009

Older people struggling with their personal debts could benefit from going back to work after retirement, academics have suggested.

Research from the University of Maryland, published in the Journal of Occupational Health Psychology, suggested that over-65s who work have generally better mental health than those who have retired completely.

The financial benefits of part-time work can also help older people fund a more comfortable lifestyle - particularly if the value of their private pensions is unexpectedly small.

Commenting, Andrew Harrop, head of public policy at Age Concern and Help the Aged, said: "The sense of achievement and fulfilment deriving from having a rewarding job can also help fend off depression and other mental health problems.

"Working after retirement or deferring the drawing of the state pension can boost older people's income and prevent the sharp fall in the standard of living experienced by many after retirement."

Kevin Still, EuroDebt director, added: "Many people over retirement age need to work to supplement their pensions, especially if they still have mortgages and unsecured debts. Financial stress and money worries can add to any mental health conditions and not just to the older generations.

"EuroDebt see many older clients starting Debt Management Plan with high levels of unsecured debt where they don’t want to put their home at risk. bankruptcy is very often ruled out by the client at an early stage and they want to continue to make a contribution to their debts based upon what they can afford even if this means having one or more part-time jobs."

Research from the Royal College of Psychiatrists released earlier this month suggested that 50 per cent of those with a debt problem also has a mental health problem.

Tags; Income Worries and Debt, Retirement Money Problems,

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