| The impact of back problems on retirement wealth. | |
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MedLine Citation:
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PMID: 22192565 Owner: NLM Status: In-Data-Review |
Abstract/OtherAbstract:
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This study undertook an economic analysis of the costs of early retirement due to back problems, with the aim of quantifying how much lower the value of accumulated wealth of individuals who exit the workforce early due to back problems is by the time they reach the traditional retirement age of 65years - compared to those who remained in the workforce. This was done using the output dataset of the microsimulation model Health&WealthMOD. It was found that over 99% of individuals who are employed full time will have accumulated some wealth at age 65years, whereas as little as 74% of those who are out of the labour force due to back problems will have done so. Those who retire from the labour force early due to back problems will have a median value of total accumulated wealth by the time they are 65 of as little as $3708 (for women aged 55-64years). This is far lower than the median value of accumulated wealth for those women aged 55-64years who remained in the labour force full time, who will have $214,432 of accumulated wealth at age 65years. Not only will early retirement due to back problems limit the immediate income available to individuals, but it will also reduce their long-term financial capacity by reducing their wealth accumulation. Maintaining the labour force participation of those with back problems, or preventing the onset of the disease, should be a priority in order to maintain living standards comparable with others who do not suffer from this condition. |
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Authors:
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Deborah Schofield; Simon Kelly; Rupendra Shrestha; Emily Callander; Megan Passey; Richard Percival |
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Publication Detail:
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Type: Journal Article |
Journal Detail:
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Title: Pain Volume: 153 ISSN: 1872-6623 ISO Abbreviation: Pain Publication Date: 2012 Jan |
Date Detail:
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Created Date: 2011-12-23 Completed Date: - Revised Date: - |
Medline Journal Info:
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Nlm Unique ID: 7508686 Medline TA: Pain Country: Netherlands |
Other Details:
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Languages: eng Pagination: 203-10 Citation Subset: IM |
Copyright Information:
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Copyright © 2011 International Association for the Study of Pain. Published by Elsevier B.V. All rights reserved. |
Affiliation:
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NHMRC Clinical Trials Centre and Sydney School of Public Health, University of Sydney, Sydney, Australia. |
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From MEDLINE®/PubMed®, a database of the U.S. National Library of Medicine
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