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People who retire early due to back problems face long-term financial disadvantage
Date:1/31/2012

als between 45-64 years who were out of the labor force due to back problems, 168 respondents who were employed part time and had back problems, and 356 who were employed full time and had back problems.

By age 65, almost all the individuals who were employed full time with no health condition will have accumulated some wealth, but only 75% to 85% of those who are out of the labor force due to their back condition will have done so. Men aged 45-54 years who retired early due to back problems are expected to have a median value of wealth, by the time they are 65, of only $5,038, which generates an annuity of only $291 per annum (all dollar values are in 2009 Australian dollars). This amount is far lower than the expected median value of wealth for men in the same age group who remained in the labor force full time, with $339,121 of wealth at retirement age, and an estimated annuity value of $19,592. Women aged 45-54 years who retired early due to back problems are expected to have a median wealth value at age 65 of only $20,064, whereas their counterparts who remained in the workforce full time will have $237,496 of wealth. The corresponding annuity values for these two groups were $1,015 and $12,014, respectively.

"Preventing early retirement due to back problems will increase the time individuals have to amass wealth assets to finance their retirement," says Professor Schofield. "Adopting cost-effective approaches to prevention and treatment of back problems may contribute to extending the labor force participation of individuals and help prevent the costs of lower wealth assets associated with early retirement due to back problems."


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Contact: Christine Rullo
painmedia@elsevier.com
215-239-3709
Elsevier Health Sciences
Source:Eurekalert

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