The term “retirement” typically refers to the partial or full separation of a person from occupational life. Most often, advancing years are the impetus for retirement, however there is no universal retirement age. Separation from the workforce prior to the age of sixty-two or sixty-five (the ages at which reduced and full Social Security benefits may be collected respectively) is often referred to as early retirement, however this is not an official designation. The timing of retirement may be changed by variations in employersponsored pension-program policies, although mandatory retirement policies are no longer legal for almost all occupations. Some individuals may choose to retire from the workplace whereas others may be compelled to step down. There are numerous factors that may contribute to the decision to retire. Separation from the workplace may be desirable for the well aged who yearn for the freedom to pursue personal interests or merely to enjoy the release from occupational structures and demands. Others may base their decision on factors relating to adequacy of pension, health benefits and overall financial security. Some find that declining physical or mental capacity or the expectation that they fill a larger role within the family necessitates withdrawal from employment.

Regardless of whether retirement is a choice or necessity the event is typically momentous and signifies, for better or worse, disengagement from decades of remunerated productivity. For many identity is closely linked with one’s title, field and employer, and is depreciated by the act of retirement. When retirement results in reduced income, perceived status may be altered simultaneously. Successful retirement, therefore, is in part related to the ability to acquire new and meaningful roles such as volunteer, participant in social and recreational activities, care-giver or activist, particularly in American culture which values remaining productive or at least busy. Personal maladjustment, marital strain and stress related to a new budget do occur, but only in the minority of retirees at any given time.

The concept of retirement in the United States has evolved over the years and its significance has been altered concurrently. In pre-industrial times, it was expected that people would continue to work until no longer able to do so. With the advent of automation, productivity increased reducing the number of workers needed for national economic output. Retirement came to be seen as a way to limit the number of workforce participants and those seeking employment and to provide support for those less able to work, such as the old and disabled. The association between retirement and old age and incapacity further promoted negative attitudes. The establishment of Social Security in 1935 ushered in a new understanding of retirement. Workers were “rewarded” for their years of productivity and additionally given the opportunity to defer income for their later years. Although the evolution of attitudes took many years, retirement ultimately came to be seen as a right reserved for those who have served an adequate amount of time in the workforce. Today the vast majority of workers intend to retire, although the timing varies greatly.