Financial Reasons for Working beyond the Statutory Retirement Age: Risk Factors and Associations with Health in Late Life

Abstract

Despite an increasing trend of working life prolongation, little is known about the risk factors for financial reasons for working beyond the statutory retirement age (SRA), and how these reasons relate to health. The present study examined (1) the determinants of working beyond the SRA, (2) the workers’ self-reported reasons for working beyond the SRA, and (3) the association between these reasons and health in late life. Cross-sectional data of 1241 individuals from the Swiss survey “Vivre/Leben/Vivere” were analyzed. The results showed that people with a low level of education and with a low income have an 80% higher risk of working beyond the SRA for financial reasons than for other reasons (p < 0.001). Moreover, self-rated health was not significantly associated with working beyond the SRA for financial reasons but was significantly associated with education and income (p < 0.01). In conclusion, while previous studies have already identified financial difficulties as one important reason for working beyond the SRA, the present study indicated the socioeconomic factors that are crucial for increasing the risk for working beyond the SRA. Thus, our results help to guide the adaptation of social policies for better maintaining and promoting the health of particularly vulnerable older workers.

What’s Your Pension Story? Women’s Perspectives during the COVID-19 Pandemic on Their Old-Age Pension Status, Past and Present

“…Studies suggest that these changes actually entrench gender and income inequalities [53,54]. Financial difficulties are particularly common among those without occupational pension benefits, which affects women more than men [55]. The problematics underlying this change was accentuated in Israel, as the management of pension funds was transferred from the non-profits to the private companies in the business sector [23].…”

Health among workers retiring after the state pension age: a longitudinal and comparative study

“…Nevertheless, a change in health status does not always lead to a change in employment status [ 13 ]. Research has shown that the extent to which the change in health status affects a change in employment status depends on factors such as the nature of the health problem [ 14 ], workers’ occupation [ 15 ], or country-level institutional factors [ 16 ]. For instance, a study from Finland shows that sickness absence from work in the case of musculoskeletal diseases differs strongly between occupations [ 14 ].…”