Retirement was seen as a state where one reaches an age of incapacity for work. Until the end of the 19th century, the working class continued in its workplaces. Total disability or death only prevented people from working.
Those days are gone now. Employment opportunities are collapsing and job seekers are multiplying. The global financial crisis has added fuel to the fire. Many leading manufacturing units have had to halt operations or reduce product quantities. Every country in the world has struggled to deal with the financial crisis. Many countries are not completely out of the situation. Many people had to opt for early retirement due to the financial crisis that engulfed the manufacturing industry. Many have been laid off by the service.
Retirement at a certain age has become mandatory today. Although the age limit varies from country to country, overall almost all countries have specified normal retirement.
Most countries have defined retirement, social security and superannuation as a fundamental right in their very constitution.
Current retirement ages for a few countries are shown below:
UK – 65
Sweden – 65
Belgium – 65
Spain – 65
Germany – 67
France – 65
Norway – 67
In the United States, police personnel are allowed to retire after 20 years of service on half pay. They can also retire after 30 years of service at three quarters of their salary. The mandate of the personnel of the armed forces can go to the retirement after 20 years of service. Many parameters contribute to the decision to opt for early retirement. The most important is the social security and the financial situation of the individual. The retirement pension and social security provided in Western and European countries take care of the financial needs of retirees.
Another important situation for opting for early retirement is the financial situation of the individual or family. Greater wealth is a natural incentive to opt for early retirement. The fact that wealth can buy leisure is world famous. When one receives a family inheritance and becomes wealthier, it is natural to start thinking about retirement from service.
Not only the family inheritance, but his own substantial savings in the early stages of service can also make him a wealthier being who can calmly think about early retirement and earlier pleasures. There is evidence that wealth conditions, whether inheritance, savings or social security and retirement, have an important role to play in the decision to retire early.
Health status is one of the main reasons people consider early retirement. Not everyone can maintain good health conditions. It is natural for them to start thinking about retirement at an earlier stage. This is more applicable in countries where social security and pension is a fundamental right included in the constitution itself.
In any case, retirement, whether early or normal, is not an escape from work and the pleasures of life. Pensioners also have every right to lead a normal and happy life throughout their lives.
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