Lack of Retirement Preparation is Associated with Increased Depressive Symptoms in the Elderly: Findings from the Korean Retirement and Income Panel Study

Abstract

The aim of this study was to investigate the relationship between retirement preparation and depressive symptoms among Koreans 50 years of age or older. We used data from the 2009 to 2013 Korean Retirement and Income Panel Study (KReIS), which included data from the 365 baseline participants of 50 years of age or older. Our sample included only newly retired participants who worked in 2009, but had retired in the 2011 and 2013. To monitor the change in depressive symptoms according to retirement preparation, we used repeated measurement data. We measured depressive symptoms using the Center for Epidemiological Studies Depression (CES-D) 20-item scale. In addition, we measured retirement preparation using a single self-report question asking whether the participant was financially ready for retirement. We evaluated relationship between retirement preparation and depressive symptoms after multivariable adjustment. Compared to subjects who had prepared for retirement (reference group), participants who had not prepared for retirement had increased depression scores (β = 2.49, P < 0.001). In addition, individuals who had not prepared for retirement and who had low household income had the highest increase in depression scores (β = 4.43, P < 0.001). Individuals, who had not prepared for retirement and without a national pension showed a considerable increase in depression scores (β = 3.02, P < 0.001). It is suggested that guaranteed retirement preparation is especially important for mental health of retired elderly individuals with low economic strata.

Examining the Factors That Affect the Preparation of Life after Retirement and Quality of Life of South Korean Adults across Different Age Groups

“…These results supported previous research findings that preparation in the financial sector is positively related to preparation for life after retirement [38][39][40]. Additionally, the lack of financial preparation may indicate poor emotional health, since this factor was identified to affect psychological health, which indicates that it needs to be prepared at a relatively earlier age [41]. This suggests that it may be necessary to introduce an education system geared toward financial preparation and economic coping measures for each age group up, based on a prolonged life span.…”

Partial least squares regression and importance–satisfaction analyses of the strategic drivers of happiness: A quality of life survey in Seoul, Korea

“…The Western literature argued that seniors tend to be happier, but in most Japanese and Korean studies, young/middle‐aged adults were happier (Choi & Moon, 2011). Relatively low happiness among seniors is interpreted in relation to their reduced income and unstable pension systems (Ju et al., 2017). Another possibility is that age reflects cohort patterns (Bardo, 2017) in the older population's happiness.…”

Preparation for old age in France: The roles of preferences and expectations

“…Similarly, preparedness increases life satisfaction for retirees in Australia (Noone et al, 2013). Finally, Ju et al (2017) show an 7 association between (self-assessed) financial preparation for retirement and mental health, in a sample of newly retired Koreans. This literature provides a rationale for studying preparation for old age.…”