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Depression and Retirement

Getting older is not all it is cracked up to be. Many Americans look forward to their retirement, and people think of these as their golden years. But what is the real cost of stopping working? It appears that many get depressed once they quit working. Studies show that retiring can actually increase your risk of getting depressed by 40%! So much for golden years.

If you are working and nearing retirement age, perhaps taking stock of what is about to happen is an important part of your retirement plan. Some experts say that men have a harder time adjusting to retirement than women. According to some findings, men are apparently more susceptible to depression due, in part, to the fact that they tie their self-worth and identity to their careers. Just because experts say that men are more likely to be affected does not mean that it does not also affect women.

In fact, some experts say that women are just as affected as men when it comes to retirement and depression. The most important thing to note is that depression can be brought on by stress. Stress is a primary risk factor, and retiring can be a very stressful time for people. It is no wonder then that depression can rear its ugly head once you have retired.

Making sure that you have enough money set aside is one thing. Investments are very important, and you should do a budget, and find out what you will need to retire. However, on top of counting numbers and doing the math on all the important stuff like bills and healthcare as you get older, make sure that you have a plan to help keep you healthy mentally as well as physically.

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law.

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable– we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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