Retirement refers to the time in an individual’s life when they stop working and begin to receive retirement benefits, such as a pension or Social Security. It is the period of time when an individual is no longer working and is able to pursue leisure activities or other interests full time.
Retirement age varies depending on the country, company policies and personal circumstances. In most developed countries, the retirement age is between 60 and 67 years old. However, some people choose to retire earlier or later, depending on their personal and financial circumstances.
Retirement planning is the process of preparing for retirement, which includes saving money, investing in retirement accounts and planning how to spend one’s time and money in retirement. It’s important to start planning for retirement early, as the earlier one starts saving, the more time money has to grow, and the more comfortable retirement will be.
The retirement income can come from different sources such as government benefits, pensions, Social Security and personal savings. It’s important to have a well-diversified source of income to ensure a comfortable retirement.
Retirement is a significant life event, and it’s important to plan for it in order to ensure a comfortable and secure future after one stops working.