Background: Although several studies have investigated the association of health behaviors with retirement, none has examined this relationship in the context of retirement voluntariness. Methods: Using data from the 2001 and 2007 waves of a panel study of retirement in the Netherlands, we used multinomial logistic regression models to investigate the impact of retirement voluntariness on changes in smoking, alcohol use, and physical activity. Participants included 1604 individuals, aged 50–64 years, who were employed in 2001. Results: During the 6-year follow-up, 884 (55%) sample members retired: 676 (42%) perceived their retirement as voluntary and 208 (13%) perceived their retirement as involuntary. Results of multinomial logistic analyses indicated that, relative to non-retired participants ( n = 720), the voluntarily retired had higher risk of increased physical activity [relative risk ratio (RR) = 2.90, 95% confidence interval (CI): 2.19–3.84] and lower risk of decreased physical activity (RR = 0.35, 95% CI: 0.22–0.56). The involuntarily retired had both higher risk of increased smoking (RR = 3.68, 95% CI: 1.45–9.30) and lower risk of decreased smoking (RR = 0.50, 95% CI: 0.25–0.99), lower risk of decreased alcohol use (RR = 0.47, 95% CI: 0.29–0.73), and both higher risk of increased physical activity (RR = 2.14, 95% CI: 1.47–3.13) and lower risk of decreased physical activity (RR = 0.46, 95% CI: 0.23–0.92). Conclusion: Accounting for the perceived voluntariness of retirement is essential to obtaining a clear assessment of the behavioral effects of this type of labor force departure.