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Encyclopedia > Retirement

Retirement is the point where a person stops employment completely. A person may also semi-retire and keep some sort of retirement job, out of choice rather than necessity. This usually happens upon reaching a determined age, when physical conditions don't allow the person to work any more (by illness or accident), or even for personal choice (usually in the presence of an adequate pension or personal savings). The retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought over whether this is a right or not. In many western countries this right is mentioned in national constitutions. Image File history File links Question_book-3. ... Choice consists of the mental process of thinking involved with the process of judging the merits of multiple options and selecting one of them for action. ... This article does not cite any references or sources. ...


Retirement is also sports jargon for the situation where a team (for example in Football) decides never again to issue the jersey number of a retired or deceased player, as a token of honor. Retired number at Feyenoord Football clubs around the world sometimes retire squad numbers to recognise players loyal service, or tragic death. ...

Contents

Retirement age

In most countries, the idea of a fixed retirement age is of recent origin, being introduced during the 19th and 20th centuries - before then, the absence of pension arrangements meant that most workers continued to work until death, or relied on personal savings or the support of family or friends. Nowadays most developed nations have systems to provide pensions on retirement in old age, which may be sponsored by employers or the state. In many poorer countries, support for the old is still mainly provided through the family. Paul Kruger in his old age. ...


The retirement age varies from country to country but it is generally between 55 and 70. In some countries this age is different for male and females. Sometimes certain jobs, the most dangerous or fatiguing ones in particular, have an earlier retirement age. A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. ...


In the United States, while most view 65 as normal retirement age, many retire before then, sometimes with contributory causes such as job-loss, disability or wealth. However, the Old Age Survivors Insurance or OASI, better known as the Social Security system has age 62 as the earliest retirement age. Normal retirement age for Social Security has historically been age 65 to receive unreduced benefits, but it is gradually increasing to age 67. For those turning 65 in the year 2008 full benefits will be payable beginning at age 66. [1] Police officers in the United States are typically allowed to retire at half pay after only 20 years of service or three-quarter pay after 30 years, allowing people to retire in their early forties or fifties.[2] Social Security, in the United States, currently refers to the Federal Old-Age, Survivors, and Disability Insurance (OASDI) program. ...


In 2007, retirement age for teachers in France is thirty eight years after employment and age 50 for train engineers [3] on the SNCF, the national railway. SNCF (Société Nationale des Chemins de fer Français) (French National Railway Company) is a French public enterprise. ...


The retirement age in India for public sector employees is enhanced from 58-60 years in July 2007. In Malaysia the retirement age has just recently been raised from 55 years to 56 years.


Many politicians, scientists, lawyers, television anchors, and professors still work well into their 70s, however some actors, models, athletes, and musicians only work until their 30s. For other uses, see Actor (disambiguation). ... Look up model in Wiktionary, the free dictionary. ... Look up Athlete in Wiktionary, the free dictionary. ... “Instrumentalist” redirects here. ...


Military members of the US Armed Forces may elect to retire after 20 years of active duty. Their retirement pay (not a pension since they can be involuntarily called back to active duty at any time) is calculated on total number of years on active duty, their final pay grade and the retirement system in place when they entered service. Allowances such as housing and subsistence are not used to calculate a member's retired pay. Members awarded the Medal of Honor qualify for a separate stipend, regardless of the years of service. There is a federally mandated cap of 75% of their final base pay in all cases. Military members in the reserve and US National Guard have their retirement based on a point system.[citation needed] The armed forces of the United States of America consist of the United States Army United States Navy United States Air Force United States Marine Corps United States Coast Guard Note: The United States Coast Guard has both military and law enforcement functions. ... The Medal of Honor is the highest military decoration awarded by the United States. ... The United States National Guard is a significant component of the United States armed forces military reserve. ...


Support and funds

Retired workers then support themselves either through pensions or savings. In most cases the money is provided by the government, but sometimes granted only by private subscriptions to mutual funds. In this latter case, subscriptions might be compulsory or voluntary. In some countries an additional "bonus" is granted una tantum (once only) in proportion to the years of work and the average wages; this is usually provided by the employer. This article does not cite any references or sources. ... The central idea of a mutual fund is to enable investors to pool their money and place it under professional investment management. ...


The financial weight of provision of pensions on a government's budget is often heavy and is the reason for political debates about the retirement age. The state might be interested in a later retirement age for economic reasons.


The cost of health care in retirement is large, because people tend to be ill more frequently in later life. Increasing numbers of older people, combined with an increase in the cost of healthcare, has led to the funding of post-retirement health care becoming a political issue. There is then pressure to reform healthcare systems to contain costs, or find new sources of funding.


On a personal level, the rising cost of living during retirement is a serious concern to many older adults.


Early retirement

Early retirement can be at any age, but is generally before the age (or tenure) needed for eligibility for support and funds from government or employer-provided sources. Thus, early-retirees rely on their own savings and investments to be initially self-supporting, until they start receiving such external support. Early retirement is also a euphemistic term for accepting termination of employment before retirement age as part of the employer's labour force rationalisation. In this case, a monetary inducement may be involved. In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. ... Investment is a term with several closely related meanings in finance and economics. ...


Savings needed for early retirement

While conventional wisdom has it that one can retire and take 7% or more out of a portfolio year after year, this would not have worked very often in the past.[4] [5] When making periodic inflation-adjusted withdrawals from retirement savings,[6] can make meaningless many assumptions that are based on long term average investment returns. Conventional wisdom is a term coined by the economist John Kenneth Galbraith, used to describe certain ideas or explanations that are generally accepted as true by the public. ...

The chart at the right shows the year-to-year portfolio balances after taking $35,000 (and adjusting for inflation) from a $750,000 portfolio every year for 30 years, starting in 1973 (red line), 1974 (blue line), or 1975 (green line).[7] While the overall market conditions and inflation affected all three about the same (since all three experienced the exact same conditions between 1975 and 2003), the chance of making the funds last for 30 years depended heavily on what happened to the stock market in the first few years. Image File history File links 73-75. ... A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ...


Those contemplating early retirement will want to know if they have enough to survive possible bear markets such as the one that sent the 1973 retiree back to work after 20 years. Bull and bear statues in front of the Frankfurt Stock Exchange In investing, financial markets are commonly believed to have market trends that can be classified as primary trends, secondary trends (short-term), and secular trends (long-term). ...


The history of the US stock market shows that one would need to live on about 4% of the initial portfolio per year to ensure that the portfolio is not depleted before the end of the retirement. [8] This allows for increasing the withdrawals with inflation to maintain a consistent spending ability throughout the retirement, and to continue making withdrawals even in dramatic and prolonged bear markets.[9] (The 4% figure does not assume any pension or change in spending levels throughout the retirement.) A stock market is a market for the trading of company stock, and derivatives of same; both of these are securities listed on a stock exchange as well as those only traded privately. ... Bull and bear statues in front of the Frankfurt Stock Exchange In investing, financial markets are commonly believed to have market trends that can be classified as primary trends, secondary trends (short-term), and secular trends (long-term). ...


When retiring prior to age 59 1/2, there is a 10% IRS penalty on withdrawals from a retirement plan such as a 401(k) plan or a Traditional IRA. Exceptions apply under certain circumstances. At age 59 and six months, the penalty-free status is achieved and the 10% IRS penalty no longer applies.


Calculations using actual numbers

Although the 4% initial portfolio withdrawal rate described above can be used as a rough gauge, it is often desirable to use a retirement planning tool that accepts detailed input and can render a result that has more precision. Some of these tools model only the retirement phase of the plan while others can model both the savings or accumulation phase as well as the retirement phase of the plan.


The effects of making inflation-adjusted withdrawals from a given starting portfolio can be modeled with a downloadable spreadsheet [10] that uses historical stock market data to estimate likely portfolio returns. Another approach is to employ a retirement calculator [11] that also uses historical stock market modeling, but adds provisions for incorporating pensions, other retirement income, and changes in spending that may occur during the course of the retirement. A pension (also known as superannuation) is a retirement plan intended to provide a person with a secure income for life. ...


Finally, a newer method for determining the adequacy of a retirement plan is Monte Carlo Simulation. This method has been gaining popularity and is now employed by many financial planners.[12] A Monte Carlo retirement calculator [13] allows users to enter savings, income and expense information and run simulations of retirement scenarios. The simulation results show the probability that the retirement plan will be successful.


Life after retirement

Retirement might coincide with important life changes; a retired worker might move to a new location, for example a retirement community, thereby having less frequent contact with their previous social context and adopting a new lifestyle. A retirement community is a very broad, generic term that covers many varieties of housing for retirees and seniors - especially designed or geared for people who no longer work, or restricted to those over a certain age. ...


In some countries, retired workers will continue to participate in the life of their family and their society, often following ancient ethnic roles. Some countries are sponsoring initiatives to help retired workers keep contributing to social and cultural life.

Outside a retirement home

Many people in the later years of their lives, due to failing health, require assistance, the highest degree of assistance - in some countries - being provided in a nursing home. Those who need care, but are not in need of constant assistance, may choose to live in a retirement home. This is a facility giving the retired person some degree of freedom, yet with close-by medical assistance to handle emergencies. Download high resolution version (2048x1536, 1377 KB)Wikipedia does not have an article with this exact name. ... Download high resolution version (2048x1536, 1377 KB)Wikipedia does not have an article with this exact name. ... Rest home for seniors in Český Těšín, Czech Republic SNF redirects here. ... A retirement home is a place of residence intended for the elderly. ...


Retirement ceases if the retiree decides to go back to work. A retiree may go back to work for a number of reasons, ranging from financial hardship, to the simple desire for activity or new social interactions. New careers where the 'retired' return to work is an increasing phenomenon in Industrialised countries where inflation has reduced the value of available Pension income below that required to maintain a reasonable standard of living. Many corporations are now explicitly recruiting retired workers for their experience, attitude and loyalty.


Old-age pensions are usually not reduced because of other income, so the latter comes on top of the former. This may be different in the case of a disability pension.


See also

This article does not cite any references or sources. ... Current logo for AARP, in use since January 2007 For the AppleTalk protocol developed by Apple Computer, see AppleTalk address resolution protocol (AARP). ... The effects of ageing on a human face Elderly woman Ageing or aging is the process of systems deterioration with time. ... A mandatory retirement age is the age at which persons who hold certain jobs or offices are required by statute to step down, or retire. ... Gerontology is the study of aging. ... Social security primarily refers to social welfare service concerned with social protection, or protection against socially recognized conditions, including poverty, old age, disability, unemployment and others. ...

References

  1. ^ Normal retirement age (NRA)
  2. ^ Michael Bucci (November 1992). "Police and firefighter pension plans". Monthly Labor Review 115 (11). Retrieved on 2007-08-03.
  3. ^ Strikes focus on earlier retirement
  4. ^ Getting Going - WSJ.com
  5. ^ SC:Lynch #2
  6. ^ http://firecalc.com/intro.php volatility
  7. ^ FIRECalc: Why another retirement calculator?
  8. ^ Dallas Morning News | News for Dallas, Texas | Scott Burns: Columns 2006
  9. ^ Retire Early's Safe Withdrawal Rates in Retirement
  10. ^ http://retireearlyhomepage.com/re60.html downloadable spreadsheet
  11. ^ FIRECalc: A different kind of retirement calculator
  12. ^ A SURE BET? (Wealth Manager)
  13. ^ Online Monte Carlo Retirement Planner

The Monthly Labor Review is a publication by the Bureau of Labor Statistics. ... Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ... is the 215th day of the year (216th in leap years) in the Gregorian calendar. ...

External links

The United States Social Security Administration (or SSA[1]) is an independent agency of the United States government established by a law currently codified at 42 U.S.C. Â§ 901. ... MSN Money is a Web site about business news which is a section of MSN and is edited in association with CNBC. See also CNBC - MSN_MoneyII - chat room at MSN Money used by readers of MSN Money especially during weekdays when the U.S. stock exchanges are open References MSN... Look up time in Wiktionary, the free dictionary. ... CDC is an abbreviation which can mean any of the following: Centers for Disease Control and Prevention Communicable Disease Control Community of Democratic Choice, a group of nine Eastern-European states Change data capture, in data warehousing Clock Domain Crossing, or simply clock-crossing in computing Cedar City Regional Airport... The Alzheimers Association, founded on April 10, 1980, is the only national, voluntary organization which specializes in research for the diagnosis, cure, treatment, and prevention of Alzheimers disease. ... BusinessWeek is a business magazine published by McGraw-Hill. ... Emily Rooney is an American journalist and former executive producer of ABC World News Tonight with Peter Jennings. ... WGBH is an established public television and public radio broadcast service located in Boston, Massachusetts. ...

  Results from FactBites:
 
Retirement - Wikipedia, the free encyclopedia (816 words)
The retirement with a pension is considered a right of the worker in many societies, and hard ideological, social, cultural and political battles have been fought for this right to be granted.
Retirement age for teachers in France is thirty years after employment and age 50 for train engineers [2] on the SNCF, the national railway.
Retirement might coincide with important life changes; a retired worker might move to a new location, for example a specialised retirement village, thereby having less frequent contact with their previous social context.
  More results at FactBites »

 
 

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