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What is retirement?

Philip Lisagor, MD
Thoracic Surgery (Cardiothoracic Vascular)
Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours. Traditionally, we have an image of retirement as sitting in a rocking chair on the porch. Modern day retirement living is more a transition to doing activities that you enjoy, whether that be work or leisure, but you just don't get paid for it. Unfortunately, most of us are not financially prepared for retirement.

Many people choose to retire or stop employment when they are eligible for private or public pension benefits, although some are forced to retire when an illness or accident no longer allows them to work. The idea of retirement is fairly recent, being introduced during the 19th and 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Now, life expectancy experts state that if you reach 65 you can expect another 18 years or so. Therefore you better be prepared. 

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Important: This content reflects information from various individuals and organizations and may offer alternative or opposing points of view. It should not be used for medical advice, diagnosis or treatment. As always, you should consult with your healthcare provider about your specific health needs.