Staying physically fit and economically active: recipe for a high-quality life and well-being after retirement in the Czech Republic

Purpose - With the broader adoption of United Nations Sustainable Development Goals (SDGs) and increased life expectancy, it is essential to understand the factors that shape well-being and quality of life of the elderly population. This paper aims to extend the existing body of knowledge by scrutinizing the crucial role of physical health and economic activity that contribute to well-being and quality of life in post-retirement age, especially for those aged 65 and above in the Czech Republic. Design/methodology/approach - The research utilizes data from the Czech sample (N=8,435) drawn from the annual Survey of Health, Ageing and Retirement in Europe (SHARE). Data from the survey waves conducted between 2010 and 2020 were analyzed by multivariate regression to reach the conclusion. Findings - The key findings underscore the importance of economics-related well-being drivers, such as being employed or self-employed in post-retirement age, the household financial situation, and the interactions between the economic variables and the health status of the respondents. In particular, economic activity, i.e., being employed or self-employed positively influences the levels of well-being. Better perceived health was also positively related to the overall well-being. Overall well-being decreases with age. However, there were no differences concerning gender despite the expected differences in life expectancy. Originality/value - This paper provides valuable insights for policymakers considering further support for integrating the post-retired population into the labour market through options such as partial employment contracts or self-employment.