Some researchers have examined whether fluctuations in testosterone
levels may promote depression. Later-life changes in sex hormones are
not as clear-cut in men as they are in women, but testosterone levels
do decrease gradually as men age (a change that is sometimes dubbed
"male menopause"). A quarter to a half of men over 50 have
testosterone levels that can be considered abnormally low. The problem
is more likely to arise if they drink excessively or if they are
overweight or under stress (either physical or psychological).

Physicians still have a lot to learn about this subject, but it's
possible to offer a few guidelines. Any man in middle age or older who
notices mild to moderate depressive symptoms for the first time may
have a problem with low testosterone. A physician can check his
testosterone levels, along with pituitary hormone levels and liver and
thyroid function. If testosterone is low, it may be worthwhile for him
to take a supplement, along with psychotherapy, an antidepressant
drug, or both. The more severe the depression, the less likely it is
to be related to testosterone deficiency, since low testosterone
levels are not closely associated with major depression.

Bringing testosterone levels back into the normal range is relatively
safe, but long-term treatment is not without its problems.
Testosterone supplements can increase the risk of prostate cancer,
spur benign prostate enlargement, and (by boosting the concentration
of LDL or "bad" cholesterol) promote heart disease. Liver damage can
also occur. Some men develop gynecomastia (breast swelling),
headaches, rashes at the site of application, acne, baldness, or
emotional instability. Long-term treatment may suppress natural
testosterone production, creating problems if the supplement is
abruptly withdrawn.

It's reasonable for older men to consider testosterone as a treatment
for depressive symptoms, but only after a full endocrine or hormone
evaluation has been done. Because of the many potential side effects,
you should begin testosterone therapy only after careful consideration
and an in-depth discussion with your doctor.

Work and relationships
In this culture, male self-esteem often depends on success at work,
physical skill or power, and being physically or mentally active. If a
man's capacity in any of those areas is diminished — especially if he
loses a job or his marriage fails — it may help trigger depression.

Depression is so common that it should be considered as much a problem
for men as it is for women. In fact, men are more at risk for the
worst outcome of depression — suicide. Family members, friends, and
caregivers may need to meet them more than halfway to see that they
get the help they need (see How to Cope When a Loved One Is Depressed,
Suicidal, or Manic). copied from Everyday Health