Retirement News, Benefits, and Pensions for Seniors
Author: Disabled World (DW)
Updated/Revised Date: 2 Nov 2026
Table of Contents:
Synopsis - Definition - About This Section - FAQs - Publications - Subtopics
Synopsis
Find retirement news and resources for seniors and people with disabilities, covering pensions, Social Security benefits, savings, and retirement planning.
At a Glance
- 1 - Private-sector workers with a guaranteed pension fell from roughly 39 percent in 1980 to near 15 percent by the 2010s.
- 2 - Social Security can be claimed from age 62, but claiming before full retirement age permanently reduces the monthly benefit.
- 3 - For people born in 1960 or later, full retirement age for Social Security is 67, and claiming at 62 cuts the benefit by 30 percent.
- 4 - A 2015 survey found 54 percent of workers aged 60 and older plan to work after leaving their current career, most of them part-time.
Topic Definition
- Retirement
Retirement is the point in life when a person stops working for good, though many people ease into it by cutting back their hours in a phase often called semi-retirement. People commonly step away from the workforce once they qualify for a private or public pension, while others are pushed into it earlier by illness, injury, or rules attached to their job. There is no single "correct" age to retire, yet each country tends to have a standard age shaped by its tax laws and state pension rules, usually somewhere between 55 and 70. Money is only part of the picture: a sound retirement generally rests on three supports - pension benefits, Social Security, and personal savings and investments - alongside decisions about health, lifestyle, and where and how a person wants to spend these years.
Overview
Retirement is defined as the point in life 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 don't allow the person to work anymore (by illness or accident) or as a result of legislation concerning their position.
A person may retire at whatever age they please. However, a country's tax laws or state old-age pension rules usually mean that in a given country a certain age is thought of as the "standard" retirement age. Many factors affect people's retirement decisions. Social Security clearly plays an important role. In countries around the world, people are much more likely to retire at the early and normal retirement ages of the public pension system. Greater wealth tends to lead to earlier retirement, since wealthier individuals can essentially "purchase" additional leisure. Generally, the effect of wealth on retirement is difficult to estimate empirically, since observing greater wealth at older ages may be the result of increased saving over the working life anticipating earlier retirement.
The "standard" retirement age varies from country to country, but it is generally between 55 and 70. In some countries, this age is different for males and females. In the United States, while the normal retirement age for Social Security, or Old Age Survivors Insurance (OASI), historically has been age 65 to receive unreduced benefits, it is gradually increasing to age 67. For people born in 1960 or later, full benefits are payable at age 67.
The three major elements of your retirement portfolio are:
- Benefits from pensions
- Social Security benefits
- Savings and investments
Retirement Factors
Many factors affect people's retirement decisions. Social Security clearly plays an important role.
In countries around the world, people are much more likely to retire at the early and normal retirement ages of the public pension system (e.g., ages 62 and 65 in the U.S.). This pattern cannot be explained by different financial incentives to retire at these ages since typically retirement benefits at these ages are approximately actuarially fair; that is, the present value of lifetime pension benefits (pension wealth) conditional on retiring at age a is approximately the same as pension wealth conditional on retiring one year later at age a+1.
Nevertheless, a large study has found that individuals respond significantly to financial incentives relating to retirement (e.g., to discontinuities stemming from the Social Security earnings test or the tax system).
- In the United States, the full retirement age for Social Security is 67 for people born in 1960 or later.
- The AARP allows couples in which one spouse has reached the age of 50 to join, regardless of the age of the other spouse.
- In Canada, the OASP (Old Age Security Pension) is available at 65 (a planned increase to 67 was canceled in 2016), and the CPP (Canada Pension Plan) as early as age 60.
Social Security and Retirement Age
In the United States, Social Security retirement benefits can be claimed from age 62, but claiming before full retirement age permanently reduces the monthly payment. For people born in 1960 or later, full retirement age is 67, and claiming at 62 reduces the benefit by 30 percent [Social Security Administration, n.d.]. Waiting beyond full retirement age, up to age 70, increases the monthly benefit.
U.S. Retirement Facts
- In 1980, about 39 percent of private-sector workers had a pension that guaranteed a steady payout in retirement; by the 2010s the share was closer to 15 percent, according to the Employee Benefit Research Institute.
- A 2015 CareerBuilder survey found that 54 percent of workers aged 60 and older planned to work after retiring from their current career, most of them part-time.
- A 2012 report from the Center for Retirement Research estimated that only about 30 percent of households were prepared for retirement at age 62, and about 55 percent by age 66.
Planning Ahead
As you approach retirement, check your personal, company, and state pensions to make sure you will have enough income for your needs. How much a personal or company pension is worth depends on how much has been paid in and how well it has been invested. Find out when you can retire and where to get help with checking your pensions, savings, and investments.
Retirement often brings important life changes. A retired worker might move to a new place, such as a retirement community, see less of former colleagues, and adopt a new lifestyle. Many retirees volunteer for charities and community organizations, and travel becomes a way of life for some, such as the so-called gray nomads.
As well as planning your finances, think about your health. Small steps to keep healthy and active now can increase your chances of enjoying a healthy, independent life in the future.
Frequently Asked Questions
How much money do I need to retire comfortably?
There is no single figure, since the amount depends on your expenses, lifestyle, health, location, and expected lifespan, so many advisors suggest planning for income that replaces a large share of your working salary.
Can people with disabilities receive retirement benefits?
Yes, individuals with disabilities may qualify for retirement and disability benefits, and in many systems disability benefits convert to retirement benefits once the person reaches full retirement age.
What is the difference between early and full retirement age?
Early retirement age lets you claim reduced benefits sooner, while full retirement age is when you can receive unreduced benefits, so claiming early usually means a smaller monthly payment.
How can I check if my pension will be enough?
Review your personal, company, and state pension statements, estimate your future costs, and seek guidance from a pension provider or financial advisor to see whether your projected income meets your needs.
Does working after retirement affect my benefits?
It can, because earnings above certain limits before full retirement age may temporarily reduce Social Security payments, though benefits are often recalculated later to reflect the withheld amounts.
When is the best time to start claiming Social Security?
The best timing varies by person, since claiming later increases monthly payments while claiming early provides income sooner, so health, savings, and financial needs should all guide the choice.
What non-financial changes come with retirement?
Retirement often brings lifestyle shifts such as moving to a new community, volunteering, traveling, or building new routines, so planning for purpose and social connection matters as much as planning finances.
What is a 401(k) plan?
A 401(k) is an employer-sponsored retirement savings plan in the United States that lets workers save part of their pay before taxes, or after taxes in a Roth version. Many employers add matching contributions, and withdrawals before age 59 and a half usually carry a penalty.
References
- Social Security Administration. (n.d.). Retirement age and benefit reduction.
Curated and edited by Ian C. Langtree, Founder and Editor-in-Chief, Disabled World. This section is maintained by the Disabled World editorial team. Last updated: