Retired but not from Life

What do retired people do with their free time? If we look at "social" activities, such as volunteering or activities at clubs and associations, we observe that being retired corresponds to increased participation. In order to find a causal effect of retirement on the number and intensity of such activities, three waves of the Survey on Health, Ageing and Retirement in Europe (SHARE) are used here. The survey tracked individuals who retired between 2004 and 2011. Indeed, it emerges that retirement does increase involvement in social activities in most of the continental European countries studied. Specifically, retirement increases participation in volunteering, activities at clubs, and even education. Conversely, it has little impact on religious or political commitment. There are few signs that retirement is endogenous. Educational level and health status strongly influence involvement in social activities. Since the number of retirees is increasing considerably, it is important to estimate the value of these volunteer activities. A prudent estimate suggests that retirees' volunteer output represents around 3 % of the value of pensions in the ten countries under review.