Should you retire? The mental health benefits of working past traditional retirement age

Benny Ratnani celebrated his 75th birthday this week, but he still works over 70 hours a week at his company, which he founded in Hong Kong in 1982. The sole proprietor and chairman of Bee Dee Manufacturing travels frequently for work. His wholesale and export company, which employs 35 people in Hong Kong and mainland China, supplies products ranging from fashion and accessories to toys, electronics and home goods to clients primarily in the Middle East, India and the United States. Born in Indonesia and a resident of Hong Kong for 57 years, Ratnani loves what he does and feels good seeing his clients happy. “I’ve nurtured my company since its inception, and I’ve enjoyed watching it thrive over the decades.” He is one of a growing number of Hong Kong residents who plan to work past the traditional retirement age of 65. Hong Kong’s workforce is ageing rapidly. According to the International Labour Organization, the city’s labour force aged 65 years and older more than doubled to 12.5 per cent from 2011 to 2021. Among the factors that drove this increase were high living costs, a desire to remain active and a longer life expectancy. There are several reasons for Ratnani to continue to work. He maintains his self-esteem and self-worth, knowing that he can take care of himself financially without having to rely on others. Working brings purpose and meaning to his days, which is especially important at his age. “Many seniors experience emotional changes as a result of grief, isolation, ageism, financial challenges and so on. We may not be in the best physical health, either. All of these changes can impact our emotional well-being and leave us feeling anxious and depressed,” he says. “Having a fulfilling job is a bit like therapy. We tend to be happier when we feel needed, important and respected – and this usually happens when we have employment that’s satisfying, and that gives us a sense of purpose and responsibility.” Studies indicate that working past the traditional retirement age provides many benefits beyond the financial. According to the University of Michigan’s National Poll on Healthy Ageing report, people aged 65 years and older were more likely than their younger counterparts to experience physical and mental health benefits as a result of employment. More older workers agreed that work keeps their brain sharp, maintains social connections and helps them stay focused. A higher percentage of older workers also felt valued by their employer. The report was based on a survey of nearly 3,500 people aged between 50 and 94 years old. Nearly 20 per cent of those surveyed were at least 65 and still working. Hong Kong-based psychologist Adrian Low says that working seniors tend to experience less depression and anxiety compared to those who fully retire. This may be because they feel more productive and valued by society, and are more likely to maintain a strong sense of who they are. Many people tie their identity closely to their job or career, so continuing to work helps them preserve this part of themselves. Connecting and interacting with colleagues and clients also gives them a sense of belonging, which is important for emotional and mental well-being. “Most importantly, continuing to work gives seniors a clear sense of purpose and structure,” adds Low, who is also president of the Hong Kong Association of Psychology. “Having somewhere to be each day, goals to accomplish and contributions to make helps them maintain a healthy routine. The feeling that they’re still making a difference and contributing their knowledge and skills significantly boosts their self-worth.” Crucially, he says, “the financial independence that comes with earning an income allows them to maintain their autonomy and reduces worries about financial security in their later years”. On the flip side, being forced to retire when you still feel capable and want to keep working can erode your emotional and mental health. For example, many people experience an identity crisis of sorts when they are suddenly no longer a “teacher”, “manager” or whatever role they have held for decades. It is like having a piece of yourself taken away, which can leave you questioning who you are now, Low says. Depression and anxiety are common reactions to forced retirement. When someone is told that they are “too old” to keep working despite feeling perfectly capable, it can damage their self-confidence, Low says. They may start to doubt their abilities and believe they have nothing to contribute any more. This type of thinking can spiral into serious depression. “The social impact is huge, too – work provides us with daily social interactions that suddenly disappear upon retirement. Many retirees find themselves isolated when they lose touch with colleagues who were a big part of their social circle,” Low says. “Then there is the challenge of unstructured time. After decades of having your days organised around work, many forced retirees struggle with the sudden abundance of unscheduled hours. Without the routine and purpose that work provides, days can feel empty and meaningless.” Financial stress adds another layer of difficulty. Low states that, even with retirement savings, many forced retirees may experience financial anxiety. Being forced to retire does not mean never working again. Depending on your skills, experience and circumstances, you can become a consultant, do part-time or “gig” work, teach or tutor privately, or capitalise on a hobby or talent, for instance. “Many seniors still have a lot to offer,” Low points out. “For one, they’ve probably experienced many challenges and know how to weather storms. They may be strong problem solvers, and often excel at interpersonal skills that come with maturity and life experience. They also have a great work ethic and bring a diversity of thought and perspective to a role.” Ratnani recommends learning something new and seeing where it takes you. Hong Kong retirees can take advantage of government-funded initiatives such as the “Smart Silver” Digital Inclusion Programme for Elders, he says, which offers free, tailor-made digital courses to help people aged 60 or older navigate the digital era. Life is not all work for Ratnani, who fills his non-working hours with exercise – he walks at least 12,000 steps a day – and catching up with his social circles. He is also involved with several clubs and charitable institutions, and he reads as often as he can to manage stress and keep his mind sharp. He has no intention of retiring any time soon. “Thankfully, I am still in good health, but I will work until I kick the proverbial bucket,” he says. “Even slowing down isn’t an option. My job has been an opportunity for growth and maturity and for achieving milestones and breakthroughs. It’s been a fulfilling journey, and I want to keep going.” Like what you read? Follow SCMP Lifestyle on Facebook, X and Instagram. You can also sign up for our eNewsletter here.

Should you retire? The mental health benefits of working past traditional retirement age

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}More seniors in Hong Kong like Benny Ratnani are working past 65 not just for financial reasons, but to retain self-esteem and self-worth

More seniors in Hong Kong like Benny Ratnani are working past 65 not just for financial reasons, but to retain self-esteem and self-worth