Retirement
Retirement is a stage in life where an individual stops employment completely. The decision to retire is multifaceted and depends on various factors such as the individual's financial status, health condition, and personal preferences. Retirement is often associated with the end of one's working life and the beginning of a new phase that involves leisure, travel, and other personal pursuits.
Definition[edit | edit source]
Retirement is defined as the withdrawal from one's occupation, or from active working life. The traditional age for retirement in many countries is 65, although this varies depending on the country and the individual's personal circumstances.
Factors influencing retirement[edit | edit source]
Several factors influence the decision to retire. These include:
- Financial status: The individual's financial situation plays a crucial role in the decision to retire. Those with sufficient savings and investments are more likely to retire early.
- Health condition: Health issues can force individuals to retire earlier than planned. On the other hand, good health can enable individuals to work beyond the traditional retirement age.
- Personal preferences: Some individuals may choose to retire early to pursue hobbies, travel, or spend more time with family.
Retirement planning[edit | edit source]
Retirement planning involves determining retirement income goals and the actions necessary to achieve these goals. Retirement planning includes identifying sources of income, estimating expenses, implementing a savings program, and managing assets and risk.
Retirement systems[edit | edit source]
Different countries have different systems for retirement. These can be broadly classified into:
- Public pensions: These are government-provided pensions that are funded by taxes.
- Occupational pensions: These are pensions provided by employers.
- Personal pensions: These are pensions that individuals contribute to independently.
See also[edit | edit source]
Retirement Resources | ||
---|---|---|
|
|
Translate to: East Asian
中文,
日本,
한국어,
South Asian
हिन्दी,
Urdu,
বাংলা,
తెలుగు,
தமிழ்,
ಕನ್ನಡ,
Southeast Asian
Indonesian,
Vietnamese,
Thai,
မြန်မာဘာသာ,
European
español,
Deutsch,
français,
русский,
português do Brasil,
Italian,
polski
Navigation: Wellness - Encyclopedia - Health topics - Disease Index - Drugs - World Directory - Gray's Anatomy - Keto diet - Recipes
Search WikiMD
Ad.Tired of being Overweight? Try W8MD's physician weight loss program.
Semaglutide (Ozempic / Wegovy and Tirzepatide (Mounjaro) available.
Advertise on WikiMD
WikiMD is not a substitute for professional medical advice. See full disclaimer.
Credits:Most images are courtesy of Wikimedia commons, and templates Wikipedia, licensed under CC BY SA or similar.Contributors: Admin, Prab R. Tumpati, MD