Retirement is recognized as a time when an individual stops working for pay, and no longer plans to seek another paying job. Although traditional retirement age is considered to be 65, a person can retire at any age for a variety of reasons. Once considered an expected time of leisure with people moving to the Sunbelt, retirement has proven to be elusive for many people.
In the United States, Social Security had established the age of 65 for full benefits, however the date has been moved back depending on the persons birth date. What kind of retirement a person can have depends on the persons financial and physical state.
Factors Affecting The Decision When to Retire
- Financial security: The ability of a person to pay for their expenses will affect their decision to retire and the level of comfort during their retirement.http://ohioline.osu.edu/ss-fact/0200.html
- Health: A persons health or lack of health can shorten a person's ability to work. Social Security has disabilityhttp://ohioline.osu.edu/ss-fact/0200.html
- 'Partner's retirement: Married couples with differing ages can choose to enter retirement at the same time. Meaning some will work longer or shorter that their spouse.http://ohioline.osu.edu/ss-fact/0200.html
- Family responsibilities: The need to care for loved ones can extend or shorten a working carer of some would be retires.http://ohioline.osu.edu/ss-fact/0200.html
References
Fast Facts
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Traditional age
65
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Fact:
Concept did not exist before the 20th century
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Time spent in retirement
18-20 years, on average
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Fact:
58% of Americans don't know how much they need to save for retirement
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Fact:
Almost half of American workers have saved less than half of what they will need in retirement
