Retirement can lift well-being, but the benefits are uneven—and time-bound—when it comes to retirement mental-health. In a Netherlands cohort of 1,583 adults followed from 2007–2023, mental health improved around retirement, yet low-income retirees’ gains faded and then turned downward about 2.5 years after leaving work, while high-income peers showed no before/after change. Average-income workers saw improvements before the actual retirement date. The average retirement age in this sample was 66–67, and physically demanding jobs and marital status significantly shaped these trajectories. [1]

Key Takeaways

– shows low-income retirees’ mental health improves initially but declines around 2.5 years post-retirement, evidencing a fading honeymoon compared with other groups. – reveals analysis of 1,583 Dutch adults (2007–2023) with average retirement at ages 66–67; high-income showed no change, average-income improved pre-retirement. – demonstrates retirement reduced depression (β=−0.096; p<0.001) and showed anticipatory gains two years before exit (λ=−0.313; p<0.01), then effects faded ~two years. - indicates early retirees enjoyed a significant three-year honeymoon; women showed protective effects, while men were more susceptible to depressive symptoms during transition. - suggests raising pension ages may delay benefits; targeted supports should prioritize low-income retirees in physically demanding jobs and monitor months 24–36 post-retirement.

The timeline of retirement mental-health effects, in numbers

A growing evidence base maps a clear sequence around retirement. Using European SHARE panel data, researchers identified a significant “anticipation” effect two years before retirement (λ=−0.313; p<0.01), followed by a reduction in depression after retirement (β=−0.096; p<0.001). Crucially, the boost faded roughly two years post-retirement—a pattern consistent with a limited honeymoon window. [3]

New Dutch evidence extends that clock. University of Edinburgh researchers tracked 1,583 participants from 2007–2023 and found mental-health improvements around retirement overall, but in the low-income group the uplift waned and then reversed approximately 2.5 years after retiring. The average retirement age in this cohort was 66–67. [1]

Income groups followed distinct trajectories: Phys.org’s summary notes that high-income retirees exhibited no discernible change before or after retirement, whereas average-income participants saw gains even before exit—likely an anticipatory relief effect. Low-income retirees experienced a short-lived honeymoon followed by decline around the 2.5-year mark. [2]

Timing also matters. A SHARE-based longitudinal analysis found a significant three-year honeymoon against depression for people retiring earlier than their country’s median age. Women showed protective effects through the transition, while men were more susceptible to depressive symptoms—underscoring gendered vulnerability windows. [5]

Why retirement mental-health gains diverge by income

The new Dutch cohort results point to financial security as a major dividing line: high-income retirees appear buffered, with flat before/after mental-health lines, while low-income retirees show a fading boost and subsequent decline. The same study flags physically demanding jobs and marital status as key modifiers, suggesting stress relief from job strain and household dynamics can amplify or erode gains. [1]

Lead author Xuefei Li emphasized that the team identified distinct trajectories by income, urging policies that address income-specific vulnerabilities. The pattern of pre-retirement improvement among average-income workers is consistent with anticipatory relief or better control over exit timing—advantages that may be less accessible to low-income workers. [2]

In the Dutch panel, retirement typically occurred at ages 66–67 across 2007–2023, placing the observed 24–36 month “fade zone” in the late sixties or early seventies for most retirees. That timing aligns with European panel findings of a roughly two- to three-year honeymoon window before effects normalize or reverse. [1]

Household context compounds income effects. SHARE evidence recommends factoring in spousal employment and synchronizing retirement timing with cultural norms to reduce post-retirement depression. Aligning transitions can preserve honeymoon benefits and avoid isolation during the adjustment period. [5]

International evidence: what US and European panels add

US longitudinal data reinforce the general direction of effects. An analysis using the Health and Retirement Study (HRS) and Social Security eligibility instruments found retirement improved reported mental health and life satisfaction within four years, with some physical health improvements emerging after four-plus years—suggesting durable though evolving benefits. [4]

Across Europe, event-study profiles show an “Ashenfelter’s dip”: stress or symptoms often intensify before retirement, then improve, with a measurable anticipatory effect two years pre-exit (λ=−0.313; p<0.01). The net reduction in depression after retirement (β=−0.096) diminishes around the two-year mark, consistent with a waning honeymoon. [3]

Triangulating these datasets yields a coherent arc: mental-health gains begin before or at retirement, peak early, and then fade within two to three years for many people—though in low-income groups the fade can tip into decline by roughly 2.5 years. This pattern underscores heterogeneity that broad averages can hide. [1]

High-income workers exhibit relatively flat lines before and after retirement, indicating their baseline mental health may be less sensitive to leaving employment, at least in Dutch data from 2007–2023. Such stability likely reflects financial cushions, better job quality, or improved access to care and social networks. [2]

Policy implications to protect retirement mental-health

A central policy warning emerges: raising pension ages risks delaying or compressing the window when retirement measurably reduces depressive symptoms, potentially shifting benefits out of reach for the most vulnerable. Policymakers should weigh mental-health timing effects when debating statutory retirement ages. [3]

Targeted supports are most urgent for low-income retirees, especially those leaving physically demanding jobs. The Edinburgh team explicitly calls for income-specific interventions to prevent the post-honeymoon slide, when risk rises around months 24–36 after exit. [1]

Practical options include bridge income supports timed for years two and three, access to mental-health screening and counseling at 24, 30, and 36 months, and incentives for part-time or phased retirement to smooth the transition. Structured check-ins during the high-risk window could catch declines early and connect people with services. [1]

Policies should address household dynamics as well. Facilitating coordinated spousal retirement or flexible timing can sustain the three-year honeymoon observed among early retirees, while targeted outreach to men during the transition may mitigate higher depressive susceptibility identified in cross-country data. [5]

Methods, measures, and what to watch next

Design highlights: The University of Edinburgh analysis followed 1,583 Dutch adults between 2007 and 2023, mapping mental-health trajectories before and after retirement. Participants typically retired between ages 66 and 67, allowing precise estimates of short-, medium-, and longer-term trends. [1]

Measurement anchors: European SHARE event studies quantified an anticipatory gain two years before retirement (λ=−0.313; p<0.01) and a reduction in depression after exit (β=−0.096; p<0.001). Both effects attenuated approximately two years post-retirement, defining the honeymoon window observed across multiple cohorts. [3]

Causal credibility: US HRS research leveraged Social Security eligibility as an instrumental variable, strengthening the case that retirement itself improves mental health and life satisfaction within four years, and that benefits are not solely due to increased healthcare use or selection effects. [4]

Limits and generalizability: Effects vary by gender, job strain, and culture. SHARE data show a three-year honeymoon for early retirees and stronger protective effects among women, highlighting the need to tailor interventions by subgroup and timing. [5]

Next steps include tracking mental-health trajectories beyond five years to pinpoint when low-income declines stabilize and identifying the occupational and marital transitions that predict the sharpest post-honeymoon drops. These refinements can guide more precise targeting of limited resources to the highest-risk retirees. [2]

Sources:

[1] University of Edinburgh – Health benefits of retirement not evenly shared: www.ed.ac.uk/news/health-benefits-of-retirement-not-evenly-shared” target=”_blank” rel=”nofollow noopener noreferrer”>https://www.ed.ac.uk/news/health-benefits-of-retirement-not-evenly-shared

[2] Phys.org – Mental health benefits of retirement not evenly shared among different income levels, study says: https://phys.org/news/2025-09-mental-health-benefits-evenly-income.html [3] Global Health Research and Policy (BMC) – Mental health around retirement: evidence of Ashenfelter’s dip: https://ghrp.biomedcentral.com/articles/10.1186/s41256-023-00320-3

[4] National Bureau of Economic Research / PubMed summary – Does retirement improve health and life satisfaction?: https://pubmed.ncbi.nlm.nih.gov/30141568/ [5] Epidemiology and Psychiatric Sciences (Cambridge Core) – Transition to retirement impact on risk of depression and suicidality: results from a longitudinal analysis of SHARE: https://www.cambridge.org/core/journals/epidemiology-and-psychiatric-sciences/article/transition-to-retirement-impact-on-risk-of-depression-and-suicidality-results-from-a-longitudinal-analysis-of-the-survey-of-health-ageing-and-retirement-in-europe-share/541840488AD6F940254B0A022EE6AD2D

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