Integration or Isolation?
利用澳大利亚全国代表性面板数据，研究发现退休通过增加社会联系和社区参与显著提升社会资本，进而改善身心健康，但老年人对社会关系的感知未变。这提示提高退休年龄可能减少社会参与机会，损害健康。
<h3>Abstract</h3> This paper examines the causal impact of retirement on social capital using nationally representative Australian panel data. Exploiting the eligibility age for the Age Pension, we find that retirement significantly enhances social capital by increasing social connectedness and community involvement. These gains improve physical and mental health, with effects comparable to those of physical activity. However, older individuals’ perceptions of social relationships remain unchanged. Our findings highlight a key policy tradeoff: while raising the retirement age may boost labor force participation, it may reduce opportunities for meaningful social engagement and, in turn, undermine the health of older adults.