Retirement is bad for your health, study says

A new study has found retirement contributes to a "drastic decline in health."

Research published by the Institute of Economic Affairs analyzed data from 7,000 to 9,000 people aged 50-70 years old in 11 different European nations.

The study found a small, significant increase to one's health immediately after retirement but long term there was a significant decrease. This was true for both men and women.

The BBC said the retired have a 40 percent increased chance of clinical depression and are 60 percent more likely to suffer physical health problems compared with those who keep working.

Study author Gabriel H. Sahlgren found retired men and women were 41 percent more likely to suffer depression and 63 percent more likely to have a significant health problem that those who kept working.

"Old people benefit from continuing some form of paid work for longer instead of retiring entirely," Sahlgren said.

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Edward Datnow, chairman of the Age Endeavour Fellowship, an organization which contributed to the study, concluded "there should be no 'normal' retirement age in future."

"More employers need to consider how they will capitalise on [the] untapped grey potential" of an older workforce in the future, he added.

The news comes the same day, international soccer superstar David Beckham announced his retirement from professional soccer at age 38.