« Freakonomics Radio

75. Retirement Kills

2012-05-16 | 🔗
Sure, we all dream of leaving the office forever. But what if it's bad for your health?
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This is for economics. Radio, on marketplace, fears the host of marketplace: IRA's dot, dot, novel cannot mix radio. It's that moment. Every couple of weeks where we talk to Stephen done or the co author of the books and the blood of the same name, it is the hidden side, o everything doesn't work, hack, a guy, Thank you this I mean. I'm curious, don't take this the wrong way, but you're, not thinking of retired get your hands on area. No, do you know something I don't know
you know since you're, not that puts you and in good company. You know the the great recession has put a lot of retirement plans on hold for a long time, often at the behest of governments who can afford to pay pensions. You know right. In Germany, the Uk France gave up their retirement ages and we're seeing a lot more older workers in the. U S is well here's LISA boiling from the Bureau of Labour Statistics, ok in two thousand and fifty five in order. That group was thirteen percent of the labour force in two thousand ten. That group was twenty percent of the labour force. By two thousand and twenty are projection, show that that group will represent twenty five percent of the labour force. My gut tells me that my initial inclination on this is wrong. Ashes. People getting older right is an ideal. Demographics are real. There are more older people, but people also are working longer, so the share of workers over sixty five in this country is the highest. It's been in more than fifty
here's to end, and so we're gonna have the worked until not you know sixties, but in mid seventy sometime right. Well, look: it may sound terrible bond Kai, I am happy to say there is a hidden side. Little silver lining here to visit, ok, yeah, so the economist Josephs. Why Mahler at the University of Zurich recently did a study that looked at two fairly identical groups of blue collar workers in Austria, one group that got early retirement up to three and a half years earlier than the other, and what is why Miller found is it? Early retirement As much as we may think, we crave, it actually has a considerable downside. Actually what we find in our study is dead. Blue collar work. We see that workers who type earlier at higher mortality rates and whose effects are quickly.
large ire mortality rates, they die right. The people who took the early return correct. The study showed that, for every extra year of early retirement you lose about two months of life expectancy, and I should say this is not the first study to show that there is a fairly strong relationship in early retirement and earlier death. What do we know, though, about the causes of death? I mean you know right. Is it hard that? What is it you? A lot of them cardiovascular, likely due to things like more smoking and drinking worse diet, not enough exercise, but there is also evidence to show that goes beyond the physical. That working longer is I'd to better mental health is well. Ok. Here's here's Mo Wang he's a psychologist at the University of Florida who studies retirement or can actually give you
wait, you structure, life and that very important. Usually, it is interesting to see people travel right after they retire, but they're after like award two years he would just sit at home are watching tv show. This raises a little bit of an existential quandary right life expectancy at birth. In the? U S, has doubled over the past century, miraculous, which means that we have gained more and more years, potentially of retirement, but we're still figuring out what to do with all those years. So here's my free economics, friend and co author, Steve Levitt, as you know, he's an economist and University of Chicago. So now we ve created this artificial, absurdly long chunk of years, firmly people twenty five or thirty years. We ve got nothing to do, but the government essentially pays you to to do nothing.
And am into. I think I think return as we have today is crazy, says the academic who sit around and thinks all their enemy and says. The economist who wants to squeeze more immigrants is to work longer right right, but here's the thing it may be for our own good right. If early retirement leads to worse health outcomes, you start to see the virtue of working longer. Now, of course, it all depends on how you define work and if maybe you can kind of have your cake and eat it too. That is exactly the way Steve led by the way is planning his retires her. So my second career is will be to aspire to be a professional Gough. So it's not for me. Perhaps they attain, but I'm gonna call my full time. Golfing work, nice word divvied, yet it's even done for economics. Dot com is the website will see it in a couple of weeks.
coming up on the pot guess next week, the paradox of which is to say food today is cheaper, more abundant and often more delicious than ever, but not without its problems, junk food and obesity, to name just a couple. We'll talk about all that, including how american food got so bad before God, You'll hear from booty Economist Tyler, Cowan Food Writer and philosopher, Michael Pollen and chef chefs Ellis Y. All next week yes,.
Transcript generated on 2021-03-16.