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Retirement

  • By: Suzanne Lareau
  • In: Encyclopedia of Family Health
  • Edited by: Martha Craft-Rosenberg & Shelley-Rae Pehler
  • Subject:Family Health, Family Policy, Family Law

Retirement is a point in a working person's life when they receive compensation for leaving their job after a preset number of years or particular age. The concept of retirement is believed to have originated in the 19th century, when pensions were provided to a worker or his or her survivors after a prespecified duration of employment or age. Prior to the introduction of retirement benefits, people worked until their death, unless they had sufficient savings on which to live. In instances where retirees are not eligible for monetary compensation, they must rely on support from their immediate or extended families. This financial dependency can create a strain on both the retiree and family.

Retirement Eligibility

While most retirement plans are based on age or duration of ...

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