Retirement

Retirement is the point where a person stops employment completely. A person may also semi-retire by reducing work hours.

Many people choose to retire when they are eligible for private or public pension benefits, although some are forced to retire when physical conditions no longer allow the person to work any more (by illness or accident) or as a result of legislation concerning their position. In most countries, the idea of retirement is of recent origin, being introduced during the late 19th and early 20th centuries. Previously, low life expectancy and the absence of pension arrangements meant that most workers continued to work until death. Germany was the first country to introduce retirement, in 1880.

Nowadays most developed countries have systems to provide pensions on retirement in old age, which may be sponsored by employers and/or the state. In many poorer countries, support for the old is still mainly provided through the family. Today, 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. In many western countries this right is mentioned in national constitutions.

Read more about Retirement:  Retirement in Specific Countries, Data Sets, Factors Affecting Retirement Decisions, Saving For Retirement, Early Retirement, Life After Retirement

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... his union had convinced the New York State Teachers Retirement System to withdraw $450 million from Manufacturers Hanover Trust Company because the bank had poorly administered ... had convinced the Pennsylvania School Employees' Retirement System to withdraw $300 million from the same bank, and that five other state teachers' retirement funds were expected to do the same ... officials said the AFT had convinced the retirement systems to withdraw the funds to protest loans Manufacturers Hanover had made to the Phelps Dodge mining ...
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Daunte Culpepper - Professional Career - 2008 Retirement and Comeback
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Irina Tchachina - Retirement
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Famous quotes containing the word retirement:

    The student who secures his coveted leisure and retirement by systematically shirking any labor necessary to man obtains but an ignoble and unprofitable leisure, defrauding himself of the experience which alone can make leisure fruitful.
    Henry David Thoreau (1817–1862)

    Convent. A place of retirement for women who wish for leisure to meditate upon the sin of idleness.
    Ambrose Bierce (1842–1914)

    He who comes into Assemblies only to gratifie his Curiosity, and not to make a Figure, enjoys the Pleasures of Retirement in a[n] ...exquisite Degree.
    Richard Steele (1672–1729)