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Retirement Information for Seniors and Disabled

Updated/Revised Date: 2022-04-09
Author: Disabled World | Contact: Disabled World (Disabled-World.com)
Additional References: Disability and Retirement Publications

Synopsis: Information regarding retirement including benefits and pensions for seniors, elderly couples, and people with disabilities. 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. 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.

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Main Document

Retirement is the 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 those turning 65 in 2008, full benefits will be payable beginning at age 66.

The three major elements of your retirement portfolio are:

Retired couple looking at each other at a location overlooking mountains and a beach.
Retired couple looking at each other at a location overlooking mountains and a beach.

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 actuarial fair; that is, the present value of lifetime pension benefits (pension wealth) conditional on retiring at age and is approximately the same as pension wealth conditional on retiring one year later at age a+1.

Nevertheless, a large study have 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).

According to Recent Research

U.S. Retirement Facts

As you approach retirement, you'll need to check your personal, company, and State pensions.

You must make sure you have enough income to provide for your needs in the future. Find out when you can retire and where to get help with checking your pensions, savings, and investments. You should check your personal or company pension, as you approach retirement, to make sure you have enough income for your future retirement. How much your personal or company pension is worth depends on how much has been put in and how well it has been invested.

Retirement often coincides with important life changes; a retired worker might move to a new location, for example a retirement community, thereby having less frequent contact with their previous social context and adopting a new lifestyle. Typically, retirees volunteer for charities and other community organizations. Tourism is a common marker of retirement and for some becomes a way of life, such as for so-called gray nomads.

As well as considering your finances as you approach retirement, you also need to think about taking care of your health. By taking some small steps to keep healthy and active now, you can increase your chances of enjoying a healthy, independent life in the future.

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Disabled World is an independent disability community founded in 2004 to provide disability news and information to people with disabilities, seniors, their family and/or carers. See our homepage for informative reviews, exclusive stories and how-tos. You can connect with us on social media such as Twitter and Facebook or learn more about Disabled World on our about us page.

Disabled World provides general information only. The materials presented are never meant to substitute for professional medical care by a qualified practitioner, nor should they be construed as such. Financial support is derived from advertisements or referral programs, where indicated. Any 3rd party offering or advertising does not constitute an endorsement.


Cite This Page (APA): Disabled World. (2022, April 9). Retirement Information for Seniors and Disabled. Disabled World. Retrieved January 30, 2023 from www.disabled-world.com/news/seniors/retirement/

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