Work Stress Kills: Flexible Career Opportunities Benefit Pre-Retirees

Demanding careers and workplace stress can lead to premature death in men with existing health issues, according to a new study, although women seem to fair better. It speaks to the need for financial advisors to sit down with their boomer clients and have a frank talk about how long to work if the couple is serious about living their dream retirement.

These findings may also bring to light the need, and the opportunity, for Canadians to explore self-employment options sooner in their careers, to enable  more control over their lives, and their health.

The U.K. study, published in The Lancet, took place over a fourteen-year period, and looked at the health changes of more than 10,000 participants – some with cardio-metabolic diseases like diabetes or heart disease, and those that had previously suffered a stroke. The study classified two different types of work stress: “Job stress” was used to refer to those with a demanding job that they had some level of control over. “Effort-reward imbalance” focused on those in roles with little control over the demands of their jobs, where the effort put out was more significant than the rewards received. The study found that the risk of premature death in men from both classifications was 68 percent higher than for those who didn’t have significant job stress.

Interestingly, the study also found that while these risks existed for men, there was no stress-mortality link for women, even in those with the same existing health conditions.

While early retirement might mitigate some of these risks, this an unrealistic option for many older Canadians, many of whom are already delaying retirement due to inadequate retirement income flow. Instead, as health risks are more predominant in the older demographic, sustaining long-term health could depend on transitioning into less demanding career opportunities.

Employment in the tax and financial services can offer the flexibility that pre-retirees looking to reduce work-related stress need. Self-employed tax preparers, bookkeepers and advisors can set their own hours, and work from the comfort of their own homes. Statistics also show that there is great income potential in these fields, as in 2017 the finance and insurance industry demonstrated the highest wage growth.

If you are part of this demographic, launch your fulfilling and flexible financial career through education. Certificate courses like Introduction to Personal Tax Preparation or Bookkeeping for Small Businesses can get you started on the path to a more balanced lifestyle that benefits your long-term health. Free trials of these courses are available. Then, complete your designation to become a Distinguished Financial Advisor Tax Services Specialist or Bookkeeping Services Specialist.

If exploring a new career isn’t right for you, you can seek out advisors to assist you in developing holistic wealth management strategies. For example, a Master Financial Advisor – Retirement Services Specialist can help older Canadians reach their retirement goals, and explore the possibility of early retirement, through effective debt management and increasing retirement income sources.

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