2391: Will Retirement Be Depressing? by Fritz Gilbert of The Retirement Manifesto on Finding Joy Later in Life

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🗓️ 27 July 2023

⏱️ 10 minutes

🔗️ Recording | iTunes | RSS

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Summary

Fritz Gilbert talks about whether or not retirement will be depressing Episode 2391: Will Retirement Be Depressing? by Fritz Gilbert of The Retirement Manifesto on Finding Joy Later in Life Fritz Gilbert retired at age 55 after a 33-year career in the global aluminum industry. His award-winning blog, The Retirement Manifesto, is focused on helping people achieve a great retirement. The blog follows his journey from 3 years prior to retirement through his first 2+ years of living in retirement and focuses on both the financial and non-aspects required to live a great life in retirement. Follow him at his blog, TheRetirementManifesto, or on Twitter and Facebook. The original post is located here: https://www.theretirementmanifesto.com/will-retirement-be-depressing/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 2391,
0:04.0	we'll retirement be depressing by Fritz Gilbert of the RetirementManifesto.com
0:10.0	and I'm your host and personal finance enthusiast, Diana Mariam.
0:14.0	We're going to get right to it as we optimize your life.
0:21.0	We'll retirement be depressing by Fritz Gilbert of the RetirementManifesto.com
0:28.0	Over the past week, I've read several recent studies on depression and retirement.
0:33.0	The findings are concerning.
0:36.0	It turns out that depression and retirement is a surprisingly common problem.
0:40.0	With one study citing that retirement increases the probability of depression by about 40%.
0:47.0	Another sites the highest increase in suicides is among men age 50 and over.
0:53.0	What are the causes of depression among retirees and what can you do to increase the odds that your retirement will be a period of joy rather than a period of depression?
1:04.0	What are the facts?
1:06.0	I read an article last week entitled Men Vulnerable to Boredom and Depression in Retirement,
1:12.0	which summarizes several recent surveys on depression and retirement.
1:16.0	Intrigued and seeking fodder for my blog, I read each of the studies in detail.
1:22.0	The studies included a 2012 study from UC Berkeley and a 2013 study from the Institute of Economic Affairs.
1:30.0	I've also read a recent study from the Trans-America Center for Retirement Studies.
1:35.0	Based on my readings, I've summarized the findings.
1:39.0	Number one, 60% of folks retire earlier than they planned, while just 16% were financially prepared to retire early.
1:49.0	Number two, adjustment to retirement appears to come in stages.
1:54.0	With a three to five year honeymoon period of elation, followed by a steep reduction in wellbeing as the reality of retirement settles in, followed by a stable permanent phase.
2:06.0	Number three, the decision to retire and the outlook for post-retirement life is by definition an uncertain decision given that the one making it has not yet experienced retirement.
	...

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