The study examined the satisfaction of working and non-working seniors. The reasons for the decision to work despite retirement were also examined.
Munich – The topic of pensions and their reform is currently a much-discussed one in politics. Citizens are wondering how much longer they have to work than previous generations and how much is left for them. In line with this, a new study has now shown that people are particularly satisfied with their lives if they still work in old age.
Continue working despite retirement: According to the study, working “silver surfers” are happier in their lives
According to the German Economic Institute, average life satisfaction rose from 6.8 to 7.4 scale points between 2005 and 2021. Between almost 14,000 and a good 30,000 people were asked: “How satisfied are you with your life at the moment, all in all?” The respondents classify themselves on a ten-point response scale (0 = completely dissatisfied, 10 = completely satisfied). The surprising result: people between the ages of 66 and 70 who were still working, the so-called “silver surfers,” were particularly satisfied.
Routines break down when you retire
The group of employed people aged 61 to 65 achieved an average of 7.6 scale points - this is topped by the 66 to 70 year olds with a value of 7.6. Non-working people in the 61 to 65 year old group achieved a value of 7.1; non-working people in the 66 to 70 year old group 7.5. As the institute describes, social contacts play a particularly important role in the decision to work in old age. Financial reasons are therefore not decisive.
“A workplace gives people the opportunity to exchange ideas, drink a coffee during their break and generate something together. This social network is missing when people retire,” the press release says. But a structured daily routine and routines also disappeared; a new everyday life had to be established when people retired.
According to the study, social contacts are the main argument for working in retirement
“Fun and social contacts are important motives when deciding to continue working,” says pension expert Ruth Student. According to the study, financial reasons are less common.
The opposite to the silver workers is the group of unemployed 61 to 65 year olds. Life satisfaction is the lowest among them. Behavioral economist Jennifer Potthoff added: “Our figures show that leaving work early is no guarantee of high life satisfaction.”
Politics calls for an extension of working life – working longer does not only have positive effects
The study is particularly exciting at the current time with the political debate about a later retirement age. Only recently, Federal Finance Minister Christian Lindner (FDP) called for an extension of working life through a later retirement age and more financial incentives for longer working hours. “When it comes to pensions, it is obvious that we need to extend working lives, ideally through individual retirement and financial incentives for longer working hours,” Lindner told the
Rheinische Post
.
However, working in old age can also have negative effects, as other studies suggest. Accordingly, later retirement can also lead to a lower life expectancy if the work is too hard. Researchers from the Universities of Barcelona and Mannheim have used social security data from Spain to find that later retirement can lead to lower life expectancy. The risk of death increases with every year that people work longer if they work in industries with a very high number of work accidents.
(jh)