The long term financial impacts of CVD: Living standards in retirement

Deborah Schofield, Simon Kelly, Rupendra Shrestha, Megan Passey, Emily Callander, Richard Percival

    Research output: Contribution to journalArticle

    8 Citations (Scopus)

    Abstract

    Background Cardiovascular disease (CVD) has significant economic costs, however these are generally estimated for the present-time and little consideration is given to the long term economic consequences. This study estimates the value of savings those who retire early due to CVD will have accumulated by the time they reach the traditional retirement age of 65 years, and how much lower the value of these savings are compared to those who remained healthy and in the workforce. Methods Using Health&WealthMOD – a microsimulation model of Australians aged 45 to 64 years, regression models were used to analyse the differences between the projected savings and the retirement incomes of people by the time they reach age 65 for those currently working with no chronic condition, and people not in the labour force due to CVD. Results Over 99% of individuals who are employed full-time will have accumulated some savings at age 65; whereas only 77% of those who are out of the labour force due to CVD will have done so. Those who retire early due to CVD will have a median value of total savings by the time they are 65 of $1833. This is far lower than the expected median value of savings for those who remained in the labour force full-time, who will have $281 841 of savings. Conclusions Not only will early retirement due to cardiovascular disease limit the immediate income and wealth available to individuals, but also reduce their long term financial capacity by reducing their savings
    Original languageEnglish
    Pages (from-to)406-408
    Number of pages3
    JournalInternational Journal of Cardiology
    Volume155
    Issue number3
    DOIs
    Publication statusPublished - 2012

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    Retirement
    Economics
    Cardiovascular Diseases
    Costs and Cost Analysis
    Health

    Cite this

    Schofield, D., Kelly, S., Shrestha, R., Passey, M., Callander, E., & Percival, R. (2012). The long term financial impacts of CVD: Living standards in retirement. International Journal of Cardiology, 155(3), 406-408. https://doi.org/10.1016/j.ijcard.2010.10.046
    Schofield, Deborah ; Kelly, Simon ; Shrestha, Rupendra ; Passey, Megan ; Callander, Emily ; Percival, Richard. / The long term financial impacts of CVD: Living standards in retirement. In: International Journal of Cardiology. 2012 ; Vol. 155, No. 3. pp. 406-408.
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    abstract = "Background Cardiovascular disease (CVD) has significant economic costs, however these are generally estimated for the present-time and little consideration is given to the long term economic consequences. This study estimates the value of savings those who retire early due to CVD will have accumulated by the time they reach the traditional retirement age of 65 years, and how much lower the value of these savings are compared to those who remained healthy and in the workforce. Methods Using Health&WealthMOD – a microsimulation model of Australians aged 45 to 64 years, regression models were used to analyse the differences between the projected savings and the retirement incomes of people by the time they reach age 65 for those currently working with no chronic condition, and people not in the labour force due to CVD. Results Over 99{\%} of individuals who are employed full-time will have accumulated some savings at age 65; whereas only 77{\%} of those who are out of the labour force due to CVD will have done so. Those who retire early due to CVD will have a median value of total savings by the time they are 65 of $1833. This is far lower than the expected median value of savings for those who remained in the labour force full-time, who will have $281 841 of savings. Conclusions Not only will early retirement due to cardiovascular disease limit the immediate income and wealth available to individuals, but also reduce their long term financial capacity by reducing their savings",
    author = "Deborah Schofield and Simon Kelly and Rupendra Shrestha and Megan Passey and Emily Callander and Richard Percival",
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    Schofield, D, Kelly, S, Shrestha, R, Passey, M, Callander, E & Percival, R 2012, 'The long term financial impacts of CVD: Living standards in retirement', International Journal of Cardiology, vol. 155, no. 3, pp. 406-408. https://doi.org/10.1016/j.ijcard.2010.10.046

    The long term financial impacts of CVD: Living standards in retirement. / Schofield, Deborah; Kelly, Simon; Shrestha, Rupendra; Passey, Megan; Callander, Emily; Percival, Richard.

    In: International Journal of Cardiology, Vol. 155, No. 3, 2012, p. 406-408.

    Research output: Contribution to journalArticle

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    AU - Passey, Megan

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    AU - Percival, Richard

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    N2 - Background Cardiovascular disease (CVD) has significant economic costs, however these are generally estimated for the present-time and little consideration is given to the long term economic consequences. This study estimates the value of savings those who retire early due to CVD will have accumulated by the time they reach the traditional retirement age of 65 years, and how much lower the value of these savings are compared to those who remained healthy and in the workforce. Methods Using Health&WealthMOD – a microsimulation model of Australians aged 45 to 64 years, regression models were used to analyse the differences between the projected savings and the retirement incomes of people by the time they reach age 65 for those currently working with no chronic condition, and people not in the labour force due to CVD. Results Over 99% of individuals who are employed full-time will have accumulated some savings at age 65; whereas only 77% of those who are out of the labour force due to CVD will have done so. Those who retire early due to CVD will have a median value of total savings by the time they are 65 of $1833. This is far lower than the expected median value of savings for those who remained in the labour force full-time, who will have $281 841 of savings. Conclusions Not only will early retirement due to cardiovascular disease limit the immediate income and wealth available to individuals, but also reduce their long term financial capacity by reducing their savings

    AB - Background Cardiovascular disease (CVD) has significant economic costs, however these are generally estimated for the present-time and little consideration is given to the long term economic consequences. This study estimates the value of savings those who retire early due to CVD will have accumulated by the time they reach the traditional retirement age of 65 years, and how much lower the value of these savings are compared to those who remained healthy and in the workforce. Methods Using Health&WealthMOD – a microsimulation model of Australians aged 45 to 64 years, regression models were used to analyse the differences between the projected savings and the retirement incomes of people by the time they reach age 65 for those currently working with no chronic condition, and people not in the labour force due to CVD. Results Over 99% of individuals who are employed full-time will have accumulated some savings at age 65; whereas only 77% of those who are out of the labour force due to CVD will have done so. Those who retire early due to CVD will have a median value of total savings by the time they are 65 of $1833. This is far lower than the expected median value of savings for those who remained in the labour force full-time, who will have $281 841 of savings. Conclusions Not only will early retirement due to cardiovascular disease limit the immediate income and wealth available to individuals, but also reduce their long term financial capacity by reducing their savings

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