In my opinion that does not quite explain it completely. I recently read Mind over Grind by Guy Winch and he tries to explain it with Maslow’s hierarchy of needs and that losing our job costs us security, social structure, status, accomplishment, as well as a sense of our identity.
> security, social structure, status, accomplishment, as well as a sense of our identity.
It's almost like staking all of this to a single gameable resource is an issue.
I suspect most retirees would disagree.