The Netherlands recently decided to change the pension rules for public employees so that those born in 1950 or later get worse pensions when they retire. A study found that after this change, depression rates among those born in 1950 or later were about 40% higher than among those born earlier and retiring under the old rules. Most of those affected reacted by working longer or saving more to try and restore the lost benefits. The study concludes that governments should realise that "a sudden irreversible deterioration of future prospects can have serious consequences for the mental health of workers nearing retirement"
Shattered Dreams: The Effects of Changing the Pension System Late in the Game
Andries de Grip, Maarten Lindeboom, Raymond Montizaan IZA DP No. 4034
February 2009
http://www.iza.org/index_html?lang=en&mainframe=http%3A//www.iza.org/en/...
An earlier study also found higher levels of depression among 62 year old workers who were still working, when they had expected not to be (and depression was alos higher amongst those not working, when they expected to be. Disrupting people's employment expectations damages their health.
'WORK EXPECTATIONS, REALIZATIONS, AND DEPRESSION IN OLDER WORKERS'
http://www.nber.org/papers/w14435.pdf