While health shocks can induce retirement, retirement may also affect health. Using a panel of individuals aged 51–65 and a staggered difference-in-differences design, we examine retirement choices for people who experience health shock, and health outcomes for people who retire. Retirements are differentiated by whether they occur earlier than respondents’ initial planned retirement age, and whether respondents cite health as a factor. Health shocks are associated with a 40 percent increase in the probability of retiring, a more than 100 percent increase in the probability of retiring for health reasons, and a 56 percent increase in the probability of retiring early. Spousal health shocks are associated with a smaller increase in the probability of retiring early. Non-health related retirements, as well as retirements that do not occur earlier than planned, are associated with a temporary improvement in self-reported health and an increase in vigorous exercise.