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Concept
Retirement
Summary
Retirement is the withdrawal from one's position or occupation or from one's active working life. A person may also semi-retire by reducing work hours or workload.
Many people choose to 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, although 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.
History of retirement
Retirement, or the practice of leaving one's job or ceasing to work after reaching a certain age, has been around since around the 18th century. Prior to the 18th century, humans had an average life expectancy between 26 and 40 years.
In consequence, only a small percentage of the population reached an age where physical impairments began to be obstacles to working. Countries began to adopt government policies on retirement during the late 19th century and the 20th century, beginning in Germany under Otto von Bismarck.
Official source
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Pension
A pension (ˈpɛnʃən; ) is a fund into which amounts are paid regularly during the individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be: a "defined benefit plan", where defined periodic payments are made in retirement (and the sponsor of the scheme (e.g. the employer) must make further payments into the fund if necessary to support these defined retirement payments), or a "defined contribution plan", under which defined amounts are paid in during the working life, and the retirement payments are whatever can be afforded from the fund.
Ageing
Ageing (or aging in American English) is the process of becoming older. The term refers mainly to humans, many other animals, and fungi, whereas for example, bacteria, perennial plants and some simple animals are potentially biologically immortal. In a broader sense, ageing can refer to single cells within an organism which have ceased dividing, or to the population of a species. In humans, ageing represents the accumulation of changes in a human being over time and can encompass physical, psychological, and social changes.
Defined benefit pension plan
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.