The term retirement refers to the status of a person who withdrawn from his/her occupation. An individual can also be in a semi-retired status when his/her working hours are reduced.
Nowadays, most people choose to retire when they are eligible for private or public pension benefits. However, there are also individuals who retire because their body conditions do not permit them to work anymore.
In many countries, the concept of retirement has been introduced during the late 19th and early 20th-centuries. Before, there were not enough pension arrangements; therefore, people were working until their death.
The first country accepting the concept of retirement has been Germany in 1889.
Currently, most of the developed countries have systems to give individuals pensions on retirement in old ages. As well as this, the retirement with a pension is seen as a right of the worker who has worked over the years to get it. In many nations, this concept is also written in the national constitution.
A person may retire whenever he/she wants. However, countries have outlined state old-age pension rules which specify the retirement age of a person (usually between 50 and 70 years old).
Retired individuals support themselves through pensions or savings. In many cases, the money is provided by the government. However, there are some cases that the capital is granted by private subscription to mutual funds.
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