본 연구는 한국고용정보원의 고령화연구패널조사(KLoSA) 1차(2006년)와 5차(2014년)를 이용하여, 고령자 은퇴가 건강 및 삶의 만족에 주는 효과를 분석한다. 분석방법은 준실험 모형인 이중차이(Difference-in-Differences model; DID) 회귀분석으로 은퇴 전후 시점의 상호작용효과를 추정한다. 분석결과, 은퇴는 고령자의 건강 및 전반적인 삶의 만족에 부정적인 영향을 미치며, 은퇴 이후 건강상태 만족도는 약 10.9% 감소하고, 전반적인 삶의 만족도는 약 5.1% 감소하는 효과가 나타났다. 또한, 은퇴가 직접적으로 주관적 건강상태에 부정적인 영향을 주며, 약 19.3% 나빠질 가능성을 확인하였다. 이러한 결과들을 바탕으로 고령자 은퇴와 건강과의 상호관련성 및 노동환경적 요인들을 고려한 인구고령화 정책이 요구됨을 시사한다. This study evaluates the effects of retirement on health and life satisfaction in seniors through the data obtained from the first (2006) and fifth (2014) Korean Longitudinal Study of Ageing (KLoSA). The data was evaluated by applying the regression analysis to the difference-in-differences model (DID), which was a quasi-experimental model, in order to estimate the interaction effects before and after retirement. The analysis revealed that retirement has a negative influence over health and overall life satisfaction in seniors. The degree of health satisfaction was decreased by about 10.9% after retirement while the degree of overall life satisfaction was reduced by about 4.9%. In addition, retirement was shown to have significant negative effects on subjective health and it was confirmed that retirement could lead a decrease in subjective health by 19.1%. These results could be interpreted as that the retirement of seniors may lead to the decrease in social activity participation, loss of income and/or degradation of social networks and become a negative factor against health and life satisfaction. Therefore, it would be possible to assume that the population aging policies should be devised in consideration of a correlation between retirement and health in seniors and labor-environment factors.