"Retirement is the withdrawal from one's position or occupation or from one's active working life."
The transition from active work to non-working years - includes financial planning and social implications of retirement.
Retirement planning: A process of understanding the financial resources, goals, and future expectations of an individual who is approaching retirement age.
Social security benefits: A federal government program that provides income for people who meet certain eligibility criteria, including retirement age.
Pension plans: A retirement savings plan sponsored by an employer that guarantees a fixed income stream to employees upon retirement.
Annuities: A financial product designed to provide a guaranteed income stream to an individual in exchange for a lump sum of money or regular premium payments.
Medicare: A federal health insurance program for people over 65 or with specific disabilities.
Long-term care insurance: A type of insurance that covers the cost of long-term care services, such as nursing home care or in-home care.
Estate planning: The process of creating a plan for the distribution of assets and wealth after death.
Taxes in retirement: Managing taxes in retirement and understanding how retirement income is taxed are important parts of retirement planning.
Living arrangements in retirement: Exploring retirement communities, independent living facilities, assisted living facilities, nursing homes, and other living arrangements for seniors.
Health and wellness: Taking steps to maintain physical and mental health in retirement, including exercise, healthy eating, and engaging in social activities.
Volunteer opportunities: Finding ways to give back to the community and stay engaged in retirement.
Travel in retirement: Exploring how to make the most of travel opportunities during retirement while managing costs and health limitations.
Grandparenting: Understanding the role of grandparents in families and how to develop and strengthen grandparent-grandchild relationships.
Retirement work opportunities: Exploring part-time work, consulting, and other opportunities to supplement retirement income while staying active and engaged.
Pre-retirement planning: Financial and lifestyle concerns during the years leading up to retirement, including job security, financial planning, and planning for a smooth transition into retirement.
Traditional Retirement: When someone leaves their job and career at a specific age, typically 65 years old.
Phased Retirement: A gradual transition out of the workforce, where an individual reduces their working hours or takes on part-time work while still receiving some form of retirement benefits.
Early Retirement: When someone leaves their job and career before the age of 65, often due to personal preference or health concerns.
Forced Retirement: When someone is forced to retire due to factors outside of their control, such as a company closing down or downsizing.
Semi-Retirement: A mixture of part-time work and retirement.
Voluntary Retirement: When someone decides to retire from their job and career voluntarily, often due to personal preference or financial circumstances.
Bridge Retirement: When someone transitions into retirement from a high-stress or high-pressure job by taking on a less-stressful position first.
Freelance Retirement: A form of semi-retirement where an individual works as a freelancer, taking on projects and clients as they please.
Entrepreneurial Retirement: Using retirement to start a new business or pursue a passion project that was previously unattainable.
Leisure Retirement: Focusing on leisurely activities that are enjoyable and fulfilling, such as traveling, spending time with family, or pursuing hobbies.
"People may also retire when they are elderly or incapable of doing their job due to health reasons."
"People may also retire when they are eligible for private or public pension benefits."
"Some are forced to retire when bodily conditions no longer allow the person to work any longer (by illness or accident) or as a result of legislation concerning their positions."
"In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries."
"Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death."
"Germany was the first country to introduce retirement benefits in 1889."
"Nowadays, most developed countries have systems to provide pensions on retirement in old age, funded by employers or the state."
"In many poorer countries, there is no support for the elderly beyond that provided through the family."
"Today, retirement with a pension is considered a right of the worker in many societies."
"Hard ideological, social, cultural and political battles have been fought over whether this is a right."
"In many Western countries, this is a right embodied in national constitutions."
"An increasing number of individuals are choosing to put off this point of total retirement, by selecting to exist in the emerging state of pre-tirement."
"Many people choose to semi-retire by reducing work hours or workload."
"A person may also semi-retire by reducing work hours or workload when they are incapable of doing their job due to health reasons."
"In many poorer countries, there is no support for the elderly beyond that provided through the family."
"Previously, low life expectancy, lack of social security and the absence of pension arrangements meant that most workers continued to work until their death."
"An increasing number of individuals are choosing to put off this point of total retirement since the introduction of retirement benefits."
"Nowadays, most developed countries have systems to provide pensions on retirement in old age, funded by employers or the state."
"In most countries, the idea of retirement is of recent origin, being introduced during the late-nineteenth and early-twentieth centuries."