Analysis from the Institute of Economic Affairs (IEA) found health is harmed in the medium and long term post-retirement, after an initial small boost. It said people should work longer for their health, as well as economic reasons.

The paper, Work longer, live healthier, stated: “Higher state pension ages are not only possible (given longer life expectancy) but later retirement should, in fact, lead to better average health in retirement.

“As such the government should remove impediments to later retirement that are to be found in state pension systems, to later retirement that are to be found in state pension systems.”

It suggested retirement increases the likelihood of suffering from clinical depression by 40% and the chance of having at least one diagnosed physical condition by about 60%. The probability of taking medication for such a condition rises by about 60% as well, according to the findings.

People who are retired are 40% less likely than others to describe themselves as being in very good or excellent health.